Pandora Sales Flat, Profits -41%

(IDEX Online News) – Danish jeweler Pandora reported flat revenues and a 41 percent drop in profit in 2012. The company pinned the issues on a stock balancing campaign launched in February 2012.

Group revenue in 2012 was DKK 6.65 billion ($1.17 billion), down 0.1 percent year-over-year. The toughest blow was in the Asia Pacific region where revenues fell 17.5 percent in local currencies.

Net profit decreased to DKK 1.2 billion ($210.5 million).

Pandora expects revenue for 2013 to be above DKK 7.2 billion ($1.26 billion)

During 2013 Pandora intends to open approximately 150 Concept stores.