Thursday, August 9, 2012

Pandora's Profit -90%

Pandora reported that sales fell 10 percent year on year to $210 million during the second quarter. Profit slumped 90% to  $10.5 million. Pandora’s sales in the Americas plummeted 14.6% in local currency, European sales dropped 17.4% in terms of euro and sales dropped 14% across the Asia Pacific in local currency. Company profit was impacted by a stock re-balancing campaign that Pandora launched in the first quarter, during which it accepted returns of discontinued products valued at $30.5 million and replaced it with inventory worth $51.7 million.

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