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Pandora to cut 1,200 jobs as first-quarter profit, sales fall

Stock MarketsMay 07, 2019 02:55AM ET
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© Reuters. FILE PHOTO: A Pandora store, the international Danish jewellery manufacturer and retailer, is seen in Paris

COPENHAGEN (Reuters) - Pandora will lay off another 1,200 workers in Thailand as new CEO Alexander Lacik looks to turn around the jewelry maker after another fall in like-for-like quarterly sales.

"The brand as well as the company has reached a point of maturity and it is not without some serious challenges," said Lacik, who took the helm last month.

The world's largest jewelry maker by production capacity said like-for-like sales fell 10 percent in the quarter hurt by worsened economic conditions, especially in Italy, the UK and Australia.

Earnings before interest, tax, depreciation and amortization (EBITDA) fell 12 percent to 1.5 billion Danish crowns ($225 million), but topped the 1.3 billion expected by analysts in a Reuters poll.

Pandora is struggling as new jewelry lines have failed to entice shoppers and shopping in malls slows.

In February, the maker of Pandora said it aimed to cut costs by 1.2 billion crowns by end-2020 and reignite the brand through enhanced marketing efforts.

Its 1,200 new job cuts follow 700 layoffs in February.

(For a graphic on Pandora's sales growth, click https://tmsnrt.rs/2TyiTuq)

Pandora to cut 1,200 jobs as first-quarter profit, sales fall
 

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