Pandora Reports 37% Jump In Revenue in Q2

(IDEX Online) – Jewelry manufacturer and retailer Pandora posted a 37.1-percent rise in revenue in local currency in the second quarter from a year earlier to $457 million (Danish Krone 2,544 million).

Sales in the Americas increased by 5.0 percent (an 11.7 percent increase in local currency), while in Europe there was an increase of 65.7 percent (a 63.9 percent increase in local currency), and in Asia Pacific sales increased by 57.0 percent (a 75.3 percent increase in local currency).

Net profit for the quarter was $119 million (DKK 662 million), compared with $77 million (DKK 431 million) last year.

“Based on the strong performance in the first half of the year, Pandora has decided to increase revenue guidance for 2014 to more than $1.98 billion (DKK 11.0 billion) from previous guidance of more than $1.89 billion (DKK 10.5 billion).

“Pandora plans to continue to expand the store network and now expects to add more than 275 new concept stores in 2014 compared to a previously expected more than 225. A proportionally higher share of owned and operated stores is expected to be opened in the second half, compared to last year.

CEO Allan Leighton said: "We have had another exceptionally strong quarter with positive progress across all regions. The growth was primarily driven by our new markets in Europe and Asia, as well as by the U.K.

“The U.S. is generally performing well, except for the Northeast, where our plan to refresh the network has begun. All product categories had good growth, and rings particularly so, with revenue from that category increasing 200 percent in the quarter."