Pandora Posts Big Rises in Revenues and Profits For Q3

(IDEX Online News) – Jewelry maker and retailer Pandora reported revenue for the third quarter up 25.7 percent on the year to DKK 2.26 billion ($405 million).

Pandora said sales in the Americas increased by 7.6 percent, in Europe by 46.5 percent, and in Asia Pacific by 37.7 percent.

Net profit for the quarter was DKK 612 million ($110 million) compared to a net profit of DKK 380 million ($68 million) in the third quarter 2012

Pandora says it expects revenue for 2013 to be approximately DKK 8.6 billion ($1.54 billion) from previous expectations of approximately DKK 8 billion ($1.44 billion).

Pandora’s CEO Allan Leighton said: "We are pleased with the third quarter result, which confirms that the business has re-established a base platform to build from. The third quarter was also the last quarter with the easy comparative figures created by last years' stock balancing program. This obviously means that we are now entering a phase with more modest headline growth, but still underpinned by strong operating performance.”

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