Topic: Pandora Reliving the Bad Times
This year is turning into Pandora’s worst since 2011, when it lost 84 percent in market value. Back then, the company fired its chief executive officer after he issued a profit warning just weeks after telling the market that profits would exceed expectations.
Pandora UK Outlet Store has been without a CEO since August, after Anders Colding Friis was fired, also in connection with a profit warning. Chief Financial Officer Anders Boyer has been Pandora’s acting CEO, but the board is still looking for a permanent replacement.
The company “doesn’t just need better sales momentum and a complete overhaul in terms of the cost side, but Pandora also needs to find itself again and stabilize the downward spiral,” said Per Hansen, an investment economist at Nordnet in Copenhagen.
Short interest in Pandora has dropped to less than 5 percent of the share capital, compared with more than 12 percent in June, according to IHS Markit. Meanwhile, only five of 17 analysts are advising clients to buy shares in the company, compared with 15 a year ago, according to data tracked by Bloomberg.