Pandora Reports Strong Sales Continue in Q2

(IDEX Online News) – Jewelry-maker Pandora has provided an update on the company's financial expectations for 2013.

The firm said that it "solid performance" reported for the first quarter of this year "has continued in the second quarter and into July, with significant revenue growth across all major regions. The main drivers are continued strong sales of newly launched products and high replenishment rates."

Preliminary results for the second quarter "indicate revenue of approximately $338 million and an EBITDA [earnings before interest, taxes, depreciation and amortization] margin of approximately 27 percent.

Additionally, like-for-like sales in Pandora's Concept stores in the second quarter continued to be healthy with US sales-out up 8.8 percent, in the UK up 11.6 percent, Germany was up 1.7 percent and Australia was up 22.4 percent compared to a year before.

Pandora expects revenue for 2013 to be approximately $1.42 billion (from a previously guided figure of more than $1.28 billion and expects an EBITDA margin of approximately 27 percent (from previously guided above 25 percent).

During 2013, Pandora expects to open approximately 175 Concept stores (from previously guided approximately 150).

A full and final financial report for Q2 2013 will be released on August 13, when executive management will elaborate further on the results.