Pandora shares fall 9% on jewellery sales outlook hit by Covid-19      

Pandora’s earnings margin will be in a range of 16% to 19% this year.

The Copenhagen-based company provided guidance for the first time since suspending its previous forecast in March. Picture: Dominic Lipinski/PA Wire

Pandora, which makes more pieces of jewellery than any other company in the world, said organic sales may contract as much as 20% this year as the virus suppresses demand in some of its key markets.

Pandora said that a recent improvement “stalled“ in the third quarter. The Copenhagen-based company provided guidance for the first time since suspending its previous forecast in March.