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Pandora shares drop on Q1 earnings miss

Pandora A/S's share price shed more than 15% on May 15 in Copenhagen after the Danish jewelry company reported first-quarter earnings that fell short of analysts' expectations.

The company said diluted EPS for the first quarter ended March 31 stood at 10.5 kroner, down from 12.1 kroner in the prior fiscal year and falling short of the S&P Capital IQ consensus estimate for GAAP EPS of 10.83 kroner and normalized EPS of 10.97 kroner.

Net profit fell to 1.16 billion kroner from 1.37 billion kroner the year before. Pandora's first-quarter revenue fell 1% to 5.12 billion kroner from 5.16 billion kroner.

The jewelry manufacturer also flagged a slowdown of its growth in China as its revenue in the Asia-Pacific region decreased 9%. The company said it is implementing a plan to improve its Chinese business, including steps to increase and reallocate its marketing spend and to manage and limit unofficial sales channels.

Pandora said it is maintaining its full-year 2018 guidance calling for 7% to 10% revenue growth in local currency. It also said it expects to have net store openings of about 200 for the year.

As of May 14, US$1 was equivalent to 6.22 Danish kroner.