Danish jeweller Pandora’s chief executive steps down after profit warning

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Anders Colding Friis, chief executive officer of Pandora AS, poses for a photograph in his office at the company’s headquarters in Copenhagen, Denmark, on Monday, July 9, 2018. Pandora designs, manufactures, markets, and distributes hand finished and modern jewelry made from primarily sterling silver, gold, and precious and semi-precious stones.

Danish jewelry maker Pandora’s chief executive, Anders Colding Friis, is stepping down, the firm said on Thursday, just days after warning of lower sales and profit margins this year.

The announcement came as the firm confirmed preliminary second-quarter sales of 4.8 billion crowns and an EBITDA margin of 31.1 percent released earlier.