Despite unveiling a second quarter financial result this morning that showed double-digit growth in all its regions, Pandora still disappointed in terms of previous estimates.
Currency challenges have halved Pandora’s revenue growth measured in Danish kroner, which was down to 20 percent in the second quarter of 2016, compared to 41.4 percent in the same quarter last year.
The good news is, measured in local currency, the growth only declined by one percentage point to 25 percent compared to the same period last year.
“Growth in all regions continued into the second quarter. EMEA and Asia Pacific maintained the strong momentum with double digit revenue growth, driven by positive double digit like-for-like growth and a continued improvement of the store network,” said Pandora’s CEO, Anders Colding Friis.
“Americas increased 10 percent in local currency, driven by 2 percent like-for-like growth in the US, a strong performance in the US eSTORE and the continuation of a successful concept store roll-out across the region. All regions were supported by our continued focus on product diversification into rings and earrings.”
The news sent Pandora shares tumbling slightly this morning.