Pandora Temporarily Closes 25% of Stores Due to COVID-19

About 25 percent of Pandora’s stores are temporarily closed because of the coronavirus pandemic, the company said in a statement.

That’s compared to an average of about 10 percent during the fourth quarter of 2020. However, the negative financial effects of the closings were offset by a “reallocation of consumer spending away from travelling and services towards gifting and discretionary goods,” according to the company.

“The current escalation of COVID-19 creates elevated uncertainty about 2021 financial performance,” Pandora stated.

In releasing preliminary results, the company said: “Based on unaudited numbers, organic growth for Q4 2020 is expected to be around 3-4% concluding the financial year 2020 with organic growth of around -11%. This exceeds both the guidance range of ‘-14% to –17%’ communicated in the Q3 2020 Interim Report as well as the expected improvement of ‘at least 1 percentage point above the high end of the guidance’ communicated on 30 December 2020.”

Pandora plans to release audited results on Feb. 4.