Revenue and Profits Surge at Pandora

(IDEX Online News) – Bracelet maker Pandora posted a 35.4-percent rise in revenue in 2013 to $1.65 billion from $1.22 billion in 2012.

Sales in the Americas increased by 25.5 percent (a 30.0 percent increase in local currency), in Europe they rose by 47.9 percent (a 49.9 percent increase in local currency), and in Asia Pacific they jumped by 37.1 percent (a 46.6 percent increase in local currency.

Net profit increased by 84.7 percent to $408 million in 2013 from $221 million in 2012.

CEO Allan Leighton said: “2013 has been a strong year for Pandora. We recorded our highest revenue ever and increased our profitability. The results were driven by progress across all major regions. Our global store network was improved and the full year effect of our new drop structure delivered with seven strong product collections.”

Gross margin was 66.6 percent in 2013, unchanged from 2012. Meanwhile, earnings before interest, tax, depreciation and amortization (EBITDA) increased by 73.8 percent to $408 million in 2013, corresponding to an EBITDA margin of 32.0 percent, compared with 24.9 percent in 2012.

For the financial year 2013, the Board of Directors is proposing a dividend of $1.19 per share corresponding to a pay-out ratio of 37.1 percent.