Pandora increases sales expectations due to strong performance results
Pandora increases sales expectations
Posted August 06, 2013 | By Emily Mobbs • Former Editor
Danish jewellery brand Pandora has updated its 2013 financial
expectations, following strong sales results reported in the first half
of this year across all major regions.
The company now expects revenue for 2013 to be about DKK 8 billion (A$1.6b), up from its original forecast of DKK 7.2 billion (A$1.4b).
As previously reported by Jeweller, Pandora experienced a 40 per cent increase in group sales revenue for Q1 2013, with all geographical regions – including Australia – performing well.
According to the company, the “solid performance” has continued in the second quarter and into July, with “significant revenue growth across all major regions”. The results are said to be based on the strong sales of newly-launched products and high replenishment rates.
The brand’s preliminary results for Q2 2013 indicated revenue of about DKK 1.9 billion (A$400 million) and an EBITDA margin of approximately 27 per cent. In addition, Pandora reported strong like-for-like sales at its concept stores for the period, including Australia, which increased revenue by 22.4 per cent. US concept store like-for-like sales rose 8.8 per cent, UK revenue was up 11.6 per cent and sales in Germany increased 1.7 per cent.
The company expects to open about 175 concept stores this year. It had originally anticipated opening 150.
The full financial report for Q2 2013 will be released on 13 August 2013, where executive management, including Pandora Australia president David Allen, will elaborate further on the results.
Pandora is headquartered in Copenhagen, Denmark, and its product offering is sold in more than 70 countries.
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