Pandora Upgrades 2021 Guidance Based On The Strong Q1; Launches Share Buyback

(RTTNews) - Pandora (P) reported first quarter revenue of 4.5 billion Danish kroner compared to 4.2 billion kroner, prior year. Organic growth was 13%, for the quarter. EBIT margin rose to 20.1% from 15.3%, driven by operating leverage. For 2021, the company upgraded guidance for organic growth to above 12% (previously, above 8%) and EBIT margin guidance to above 22% (previously, above 21%).

The Board of Directors of Pandora has decided to launch a share buyback programme, under which the company will buy back own shares of a maximum consideration of 500 million Danish kroner in the period from 5 May 2021 to 13 August 2021. Pandora said the purpose of the programme is to reduce its share capital and to meet obligations arising from incentive programmes.