Operating profit fell to 920 million crowns (US$132 million)from a year-earlier 978 million amid higher costs and investments, against a mean forecast in an analyst poll published by Pandora of 875 million.

“Our investments in the brand are attracting more consumers into our stores,” CEO Alexander Lacik said in a statement.

Organic sales growth was 11%, beating analyst expectations for 6% growth.

Pandora said it now expected full-year organic sales growth of 5%-6%. Its previous forecast was for 2-5% growth. It maintained a full-year operating profit margin forecast of around 25%.

It said there had been an unexpected pick-up in demand across markets and collections driven by tourists in the third quarter, a holiday pattern it said may not necessarily repeat itself in the corresponding quarter next year.