(Bloomberg) -- Pandora A/S shares slid in Copenhagen after the jewelry maker's sales and profit missed estimates, a rare occurrence for a company renowned for raising forecasts.
Second-quarter revenue rose 20 percent to 4.33 billion kroner ($645 million). That was less than the average analyst estimate of 4.54 billion kroner, the first miss in two-and-a-half years. A 23 percent gain in earnings before interest, tax, depreciation and amortization also came up short of projections. The stock fell as much as 6.8 percent.
Earnings disappointments are unusual for Pandora, whose silver charm bracelets have become a signature gift for women and inspired stellar sales growth for at least a decade. The Danish company still maintained full-year forecasts for revenue and profitability that it raised as recently as May.
Like-for-like sales fell 1 percent in the Americas region, weighed down by weakness in Brazil, Canada and the Caribbean, the company said.
Growth slowed in the Asia-Pacific region, with sales gaining 51 percent in local currency terms, compared with the prior quarter's 62 percent.
Pandora shares traded 4.6 percent lower at 826 kroner as of 10:17 a.m. in the Danish capital. The stock has declined 5.2 percent in 2016 compared with a 1.6 percent gain in the Stoxx 600 Personal & Household Goods index.
To contact the reporters on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net, Charlotte Ryan in London at cryan147@bloomberg.net. To contact the editors responsible for this story: Matthew Boyle at mboyle20@bloomberg.net, Paul Jarvis
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