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Pandora's new Essence collection showed a strong performance in Australia in Q1 2014
Pandora jewellery sales boom in Australia
 2.7 k views | Posted May 20, 2014 | By Stephanie Chan • Staff Journalist
Pandora has kicked off the year with strong results, reporting increased
revenue in all operating regions for the first quarter of 2014,
including Australia.
Revenue in Australia was DKK142 million (AU$27.8 m) – a 16.1 per cent increase in local sales compared with the same period last year.
Same-store sales for the country’s concept stores also rose 33.6 per cent compared with 2013, a figure which Pandora Australia president David Allen said was significant given it was more than double the 15.9 per cent increase that the company achieved in the first quarter of 2013.
The results were primarily attributed to demand for newly launched products, including the Valentine’s Day, Mother’s Day and spring collections.
Allen told Jeweller that the Valentine’s Day trading period was strong, with a themed jewellery collection based on the event performing well for retailers. He said the Floral Paradise collection that was launched in March also provided a “terrific start” to the season.
While the recently launched Essence collection and the charms and bracelets categories also performed well, Allen explained it was Pandora’s rings that showed particular success, contributing more than 15 per cent to Australia’s revenue.
“The continued success and focus on our ring category has been very important to us for our partners [retailers] as we have been able to attract a new consumer as well as engage our existing consumer,” Allen said.
Region breakdown
Pandora’s overall group revenue was DKK2.6 billion (AU$0.5 b) – an increase of 34 per cent compared to the previous year – and its net profit increased from DKK438 million (AU$85.9 m) in 2013 to DKK704 million (AU$138 m) this year.
Commenting on the positive results, Pandora CEO Allan Leighton said, “All regions increased with double digit percentages, primarily driven by strong like-for-like [same store] growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period.”
The Asia Pacific region reported revenue of DKK358 million (AU$70.2 m), an increase of 71.9 per cent in local currency.
In the Americas, revenue for the first quarter was DKK1.1 billion (AU$0.2 b), a rise of 16.2 per cent in local currency. Europe meanwhile, had a 48.3 per cent increase in revenue to DKK1 billion (AU$0.2 b)
As a result of the positive start to 2014, Pandora increased its overall revenue guidance from DKK10 billion (AU$1.96 b) to more than DKK10.5 billion (AU$2.1 b).
The company also now plans to open more concept stores this year than previously expected, estimating that 255 new concept stores will be opened rather than its previously announced 175.
Pandora, which is headquartered in Copenhagen, Denmark, is sold in more than 80 countries through approximately 10,000 points of sale.
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