(IDEX Online News) – Jewelry maker and retailer Pandora is revising upwards its financial expectations for 2013 based on the preliminary results for the third quarter of this year.

 

Pandora says it expects revenue for 2013 to be approximately DKK 8.6 billion ($1.59 billion) from previous expectations of approximately DKK 8 billion ($1.47 billion).

 

The first nine months of 2013 showed solid performance, with revenue growth across all major regions, despite problems relating to foreign exchange rates, particularly in the third quarter.

 

Pandora’s CEO Allan Leighton said: "Sales momentum continued in the third quarter 2013, with better than expected strong sales-in and sales-out performance in all major markets, and a significant step up in the new markets, where an increased share of revenue went through to the bottom line, due to improved operational leverage. As a result of the combination of these factors and increased confidence in our ability to supply this level of demand we are upgrading our guidance".

 

Revenue in the third quarter increased by 25.7 percent from a year earlier, with main drivers being continued strong sales of newly launched products, continued strong revenue growth in new markets as well as global network expansion. In addition, product prices remained largely stable from a year before.

 

During the first nine months of 2013, Pandora opened 116 stores and “expects an acceleration of openings” in the fourth quarter.

 

Like-for-like sales-out in Pandora’s stores in the third quarter continued to be strong with US sales out up 12.6 percent, in the UK up 13.6 percent, Germany up 8.2 percent and Australia up 25.2 percent from a year earlier.

 

Pandora expects to open approximately 195 stores this year compared with previous guidance of approximately 175.

 

A full financial report for third quarter will be released on November 12, where executive management will elaborate further on the results.