Shares down 7.3
Q2 sales in line with expectations
U.S. sales disappoint
CEO Inflation hasn39;t impacted jewellery sales
Pandora postpones revamp in China until 2023

COPENHAGEN, Aug 16 Reuters Jewellery maker Pandora on Tuesday reported disappointing secondquarter sales in the U.S. market, prompting its shares to fall, but reaffirmed its annual forecast, saying higher costs of living had not impacted jewellery buying.

Shares in Pandora, the world39;s largest massmarket jewellery brand with more than 6,400 stores worldwide, fell more than 7 after it said organic growth in the United States, its biggest market, was down 12 yearonyear in the quarter.

It said shrinkage in the U.S. market was due to the fading effect of coronavirusrelated stimulus packages, which had boosted sales a year earlier.

The United States has record low unemployment rates, salaries are going up quite a bit, and people have high savings, so there39;s plenty of disposable income still available, Chief Executive Alexander Lacik said in an interview.

Shares in Pandora traded 7.3 lower at 0810 GMT. The stock has shed almost 40 of its value since the start of the year.

Jewellery sales were not impacted by rising inflation, Lacik said. When we look our core metrics such as store traffic, basket size and average selling price across the globe and across every sales channel, we simply cannot see any discernable impact of high inflation, he said.

He added that consumers are willing to accepts…