Danish jeweler Pandora A/S (PNDORA.KO) Tuesday posted an increase in third-quarter net profit on a 38% rise in sales.
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Revenue in the Americas increased by 22.7 percent (8.3% in local currency); Europe increased by 40.7 percent (36.1% increase in local currency) while Asia Pacific increased by 74.8 percent (62.9% increase in local currency).
“Europe, Asia and the Pacific region all did well”, Pandora head Anders Colding Friis told Børsen.
For the United Kingdom specifically the brand’s new collections performed extremely well, including Pandora Rose which launched in Q2 and has been very well received. Additionally, online sales have grown, making up 10% of the jeweller’s total revenue.
The retailer said that it has expanded its focus on different ranges including rings which now contributes 20% of United Kingdom turnover, while its charm bracelets continue to drive the most sales. Pandora anticipates adding more than 375 branded stores this year.
However, in the USA, growth was only 6 percent.
Group revenue stood at 3.911 billion Danish kroner (560 million USA dollars) in the third quarter, compared to 2.893 billion kroner for the same period previous year, it said in its interim financial report.
Net profit for the quarter was DKK 1.006 billion ($145 million), compared to a net profit of DKK 725 million ($104 million) in the third quarter of 2014.
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Pandora maintained its financial guidance for the full year 2015, saying it “continues to expect revenue of above 16 billion kroner”.
