Pandora, the world's biggest jewellery maker, said consumers had shifted spending away from travelling and services to jewellery in the fourth quarter, but that a recent escalation of the COVID-19 pandemic created greater uncertainty about sales this year.
The company said in a statement that it expects organic growth of around minus 11% for 2020, compared to guidance in late-December of "at least 1 percentage point better than the high end of the guidance range of minus 14% to minus 17%."
The EBIT (earnings before interest and tax) margin is expected at around 20%, compared to the 17.5%-19% guidance range in late-December, it said.
While around 10% of physical stores on average were temporarily closed during the fourth quarter, the company had now shut 25% of its 2,700 stores worldwide.
Shares rose slightly after the statement was released and were trading 0.6% higher at 1352 GMT.
Pandora is scheduled to publish full 2020 earnings on Feb. 4.
(Reporting by Jacob Gronholt-Pedersen, editing by Louise Heavens, Kirsten Donovan)