Jewelry Giant Pandora Reports Rise in Revenue in Q3

(IDEX Online) – Group revenue in Q3 2017 increased by 13 percent to approximately $810 million, with revenue from Pandora owned retail increasing by 35 percent and like-for-like sales growth for Pandora owned concept stores of 5 percent

Revenue from EMEA increased 15 percent, driven mainly by a positive performance in Italy and Germany. Revenue from the Americas increased by 1 percent, and like-for-like sales growth in the US of 5 percent.

Revenue in Asia Pacific increased by 26 percent driven by strong sales growth in Australia and China.

Revenue from charms increased 9 percent and revenue from Bracelets increased 13 percent.

Combined revenue from rings, earrings and necklaces and pendants up 21 percent, the three categories representing 27 percent of group revenue.

Financial guidance for FY 2017 is unchanged, even though full year revenue is expected in the low end of the earlier guided range of around $3.6 billion to $3.7 billion.

Commenting on the results, Anders Colding Friis, CEO of PANDORA, said: "The results in the third quarter were in-line with our expectations, with the underlying development showing positives as well as negatives. Most of our major growth markets - Germany, Italy, Australia and China - continued to show strong performance with double-digit growth rates, whereas the retail environment in the US, combined with currency headwind from the US dollar, continued to be a challenge."