0829 GMT - President Trump's new tariff on Thailand is worse than expected, at 37%, which will hit Pandora as the Danish jeweler has a large manufacturing footprint in the country, Citi analyst Thomas Chauvet writes. Pandora's entire jewelry output is manufactured in Thailand, and the 37% tariff is well above the 10% base case anticipated by Pandora management in February. Management guided for an EBIT headwind of between 350 million and 400 million Danish kroner based on a 10% tariff, without any mitigation measures such as pricing and/or cost efficiencies. Pandora shares are down 12%, the biggest loser on the Stoxx Europe 600 index. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 04:29 ET (08:29 GMT)
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