Pandora Expects Sales to Grow 30% in 2011

(IDEX Online News) - Jewelry firm Pandora expects a revenue growth of no less than 30% for 2011, the company stated last week. The company made the announcement following a strong performance in the first quarter where revenues and EBITDA margin grew by more than 40% compared to 2010.

“We expect CAPEX to account for approximately 3% of total group revenue and the effective tax rate to be approximately 18%.”

A full financial report for the first quarter 2011 will be released on 19 May 2011.

On March 15, Pandora reported that 2010 revenue increased by 92.6% to DKK 6,666 million ($1.3 billion) and net profit increased by 86.2% to DKK 1,871 million ($364.6 million).

Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora designs, manufactures and markets hand-finished and jewelry at affordable prices, sold in more than 55 countries through some 10,000 points of sale.