Shares of Pandora A/S (COP: PNDORA) soared 16% today after the jewellery retailer reported stronger-than-expected performance for the third quarter.
The Denmark-based firm benefited immensely from a shift to online shopping with this unit rising 89% in the third quarter. The company now expects EBIT for the full- year arrive in the range of 17.5% to 19%, higher from previous guidance of 16%to 19%.
“In the third quarter of 2020, the underlying brand momentum continued to develop strongly as Pandora experienced a further improvement in the majority of the main markets,” the Danish retailer said in a statement.
As around 90% of physical stores remained open, Pandora now expects organic growth for the full year in the range of 14% to 17 %, which is a more narrow projection compared to previous guidance of 14% to 20%.
Pandora is due to report its third-quarter earnings on November 3.
Pandora share price rose 16% to trade at a 29-month high. Shares are trading over 200% higher since April.
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