January 11, 2018 / 8:02 AM / a year ago

Jewellery maker Pandora sees lower profit margin from 2018

COPENHAGEN, Jan 11 (Reuters) - Danish jewellery maker Pandora said on Thursday it expects its profit margins to fall in the next few years as it reported 2017 revenues that were below both its own guidance and analysts’ expectations.

“The 2017 results are close to the targets we set ourselves at the beginning of the year, but we are of course disappointed to not fully reach the targets,” Chief Executive Anders Colding Friis said, pointing to a difficult U.S. retail climate and unfavourable currency developments.

Pandora said its EBITDA margin in the period from 2018-2022 would be around 35 percent, compared to the 37.3 percent achieved last year, while it expects revenue to increase annually by 7-10 percent in local currencies. (Reporting by Stine Jacobsen; Editing by Susan Fenton)

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