In the three months ended 30 September, the Australian market reported a revenue increase of 32 per cent compared with the corresponding period the previous year.
Although the exact amount was not disclosed, Australia accounted for around 30 per cent of Asia-Pacific revenue, roughly equating to DKK265 million (AU$51 m).
Pandora’s interim report for Q3 2016 stated: “The growth [in Australia] was primarily driven by a like-for-like sales growth, as well as 12 new concept stores opened since Q3 2015, to a total of 109 concept stores in Australia.”
The report also noted that a 46 per cent revenue increase in Asia-Pacific – to DKK882 million (AU$169 m) – was primarily driven by continued strong development in China and Australia.
A word of caution
Outgoing Pandora Australia and New Zealand managing director Brien Winther reiterated to Jeweller that buoyant sales and store openings contributed to the region’s increased revenue.
However, he issued words of caution, saying, “Our view remains that this run of year-on-year sales is expected to slow and normalise.”
Winther said strong sales were achieved across Pandora’s various jewellery categories, adding the company was continuing its move to a ”full line jewellery brand”.
“Whilst our core business of charms and bracelets continues to deliver strong results, our consumers have embraced our full universe of high-quality and contemporary jewellery,” he explained.
Globally, overall revenue for the company increased 18 per cent to DKK4.6 billion (AU$909.5 m) compared with the third quarter of 2015.
Pandora has a presence in more than 100 countries, with approximately 9,000 points of sale. The company has more than 2,000 brand-only – concept – stores worldwide.
As previously reported by Jeweller, Winther has accepted the Pandora British Isles managing director position, effective 1 January 2017. He will be replaced by Mikael Kruse Jensen, current Pandora Asia Pacific (APAC) vice president of finance.
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