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They were down 10 percent due to a “difficult” retail environment, particularly in the country’s malls.
The changes come as the company said it expects revenue from Pandora-owned concept stores to surpass that of franchise concept stores this year.
But the company noted it was up against soft comps in Europe, where sales were down in early 2016 following the November 2015 terrorist attacks in Paris.
Increased demand for rough diamonds and a weaker ruble also helped profit increase fourfold for the miner.
With slow sales amid a challenging environment and retailers scaling back on inventory, the company is eliminating positions as it implements cost-saving initiatives.
National Jeweler

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