Pandora shares rose on Tuesday after the jewellery retailer unveiled plans to save 1.2 billion Danish crowns (£141.1 million) by 2022.

The Danish brand announced its ‘Programme Now’ plan with aims to cut costs following a disappointing 2018.

As part of the programme, Pandora said it would cut back on promotions, buy back slow selling stock and improve consumer experience by further investment in retail locations.

This follows a disappointing set of annual results for the retailer. In its annual results, the retailer said like-for like sales dipped 4% for the year, dropping a further 7% in q4.

In a letter to shareholders, Chairman Peder Tubourgh said that 2018 had been a difficult year for Pandora. He wrote:

“2018 was a tough year for Pandora. This is evident in our financial results. 3% revenue growth in local currency, an EBITDA margin of 32.5%, and negative total like-for-like are not satisfactory”

Chief Operating Officer said of the cost-saving plan: “Through Programme Now, we are taking immediate and forceful action to address the disappointing aspects of our financial performance in 2018,”

He continued: “We are confident that this company-wide business transformation will reignite Pandora, restore sustainable growth and support our industry-leading margins.”

Pandora was founded back in 1982, having started as a family run shop in Copenhagen, Denmark.

As of 2017, the jewellery retailer had 7,800 locations globally. The Danish brand is most well-known for its customisable charm bracelets which retail for £55.

Pandora shares (CPH: PNDORA) ticked up on the back of the announcement. Shares are currently trading +15.42% as of 12:51PM (GMT).