Kommentar: Som smykkeproducent med stor fokus på fysisk handel har Pandora i H1 2020 været meget hårdt ramt på indtjeningen. Virksomheden har fortsat 10% af deres butikker lukket og afventer udviklingen i Covid-19. PÅ trods af et udfordrende år bemærkes det, at Pandora leverer et positivt frit cash flow i størrelsen 943 mio. kr. Konsensus var et negativt cash flow fortæller Ritzau.
Financial overview (excl. restructuring costs)
Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | |
Sell-out growth incl. temporarily closed stores, % | -39% | -10% | -28% | -10% |
Like-for-like (excl. closed stores), % | 8% | -10% | -4% | -10% |
Organic growth, % | -38% | -7% | -26% | -9% |
Revenue, DKK million | 2,876 | 4,693 | 7,048 | 9,497 |
EBIT margin, % | 1.1% | 22.9% | 9.5% | 22.7% |
Fra Q2 rapport, Pandora.
Forventninger til 2020:
Based on the assumption that there will be no new major lockdowns, a continued positive development in the number of open stores and no material deterioration of the macroeconomic environment, Pandora today reinstates its 2020 financial guidance. The continued local spikes in incident rates and inherent commercial impact from social distancing are expected to continue to negatively impact revenue in the second half of the year. Pandora expects organic growth to be -14% to -20% in 2020. The full-year EBIT-margin is expected to be between 16% and 19%.