LONDON (Reuters) -Danish jewellery brand Pandora on Wednesday cut its comparable sales growth forecast for the full year and reported weaker than expected sales growth for the third quarter as they declined in Europe.
Operating profit was 880 million Danish crowns ($137.4 million), down from 980 million in the same quarter a year ago. Analysts had on average forecast an operating profit of 873 million, according to a poll provided by Pandora.
Comparable sales growth of 2% was slower than the expected 3%. In Europe, comparable sales fell 1% as they slowed in Germany, Britain, France and Italy.
Pandora shares are down 38% since the start of this year as U.S. tariffs on imports and the surging price of silver, a key material in its jewellery, add to its costs, while shoppers have grown more cautious about spending on non-essentials.
Pandora cut its comparable sales growth guidance for this year to 3-4%, from 4-5% previously, but stuck to an organic growth forecast of 7-8%.
The charm bracelet maker said comparable sales grew 4% in October, a stronger start to the crucial holiday shopping season.
(Reporting by Helen Reid, editing by Anna Ringstrom)
