Pandora’s Sparkling Lion Princess Heart necklace ($225). While the jewelry company’s charms segment performed poorly in the first quarter, its necklace segment saw double-digit growth.
Copenhagen, Denmark—BlackRock Inc. has reduced its total shareholdings in Pandora to less than 5 percent, the jewelry company announced in a regulatory filing Monday.

The New York-based investment firm, which the world’s largest asset manager, held more than 5.3 million shares, or more than 5 percent, of Pandora as of April 18.

Pandora is based in Copenhagen, and The Danish Capital Markets Act requires companies there to disclose major events, similar to an 8-K filing in the United States. The Danish Financial Supervisory Authority also requires companies to disclose a short position if it owns more than 0.5 percent of a company’s outstanding shares.

BlackRock disclosed its first short position in Pandora in January 2018 after the jewelry company cautioned investors that profit growth would slow as the business grew.

BlackRock did not respond to National Jeweler’s request for comment on its decision.

Pandora has had a rough start to its fiscal year, reporting weak first quarter results as sales fell and demand waned for its charms.

Quarterly revenue slipped 6 percent to 4.80 billion Danish kroner ($719 million), with in-store traffic falling 10 percent.

The Copenhagen-based company is undergoing a two-year transformation plan titled Programme Now, looking to cut costs and revamp the brand.

The plan includes reducing the size of its sell-in packages, buying back inventory and closing under-performing stores.

Pandora announced in May that it would shutter 50 “low-margin” concept stores, including those that are underperforming or diluting margins.

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