PANDY - Pandora A/S GAAP EPS of DKK 8.80 revenue of DKK 5.89B; updates FY23 guidance

August, 15 2023 06:18 AM Pandora A/S ADR

2023-08-15 06:18:58 ET

Pandora A/S press release ( OTCPK:PNDZF ): 1H GAAP EPS of DKK 8.80.
Revenue of DKK 5.89B (+4.1% Y/Y). Q2 2023 organic growth accelerates to 5%, comprising of LFL (like-for-like) growth of +2% and network expansion of +4%.
As expected, EBIT margin at 20.2% was -190bp Y/Y reflecting a.o. cost phasing and planned investments into growth. Full-year EBIT margin to be broadly in line with last year.
Leverage remains low with NIBD/EBITDA at 1.3x. DKK 3.3 billion worth of shares purchased since February 8, making good progress towards purchasing a total of DKK 5.0 billion by February 2, 2024 at the latest.
2023 outlook and current trading: Reflecting the solid performance YTD, the organic growth guidance range is updated to "+2% to +5%" (previously -2% to +3%). The EBIT margin guidance remains unchanged at "Around 25%".
Current trading in Q3 so far is solid with LFL growth at mid-single digit levels. This has been driven by a broad-based pick up in traffic during the holiday season. Pandora expects traffic to ease off after the holiday season. Nonetheless, the underlying trading trends are encouraging. Pandora remains mindful of the macroeconomic climate.

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