Hugo Boss said the renovation of several major stores should revive sales growth after the German fashion house reported a drop in first-quarter earnings due to reorganisation costs, higher marketing spending and a strong dollar.

Investors welcomed a new strategy from Danish-owned jewellery maker Pandora, which is struggling to regain its competitive edge in a weak retail market, sending its shares up more than 16%.

Shares in Adidas fell the most in four months as currency swings and in-store spending crimped profitability in the third quarter, even as the sports kit maker reported sales that met analysts’ estimates on sales in Europe, the US and China.

German sport-shoe maker Adidas forecast sales may rise at the fastest pace in five years as consumers spend more ahead of the Euro 2016 soccer tournament, setting up its incoming chief for a potentially better period than the company’s recent past.