Danish Charm Maker Pandora Suffers Chinese Revenue Slowdown
- Sales growth in China weakens to 16 percent from 62 percent
- Stock declines as much as 14 percent as knockoffs proliferate
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Danish charm-bracelet maker Pandora A/S is suffering a surprise slowdown in China, a key growth market, adding to its woes as U.S. sales decline and short-sellers target the stock. The shares fell as much as 14 percent.
Sales growth in China weakened to 16 percent in yuan terms, decelerating from the 62 percent pace of the fourth quarter, the Copenhagen-based company said Tuesday. Pandora also reported a 15 percent decline in profit, which was worse than analysts expected.