Pandora Records 40.4% Increase in Q4 Revenue

(IDEX Online News) – Danish jewelry manufacturer and retailer Pandora reported a 40.4 percent increase in total revenue for the fourth quarter of 2014, ended December 31, 2014, to $605.4 million (DKK 3.961 billion). Net profit for the quarter totaled $154 million (DKK1.007 billion), up 36.3 percent year over year.

According to Pandora, fourth-quarter sales volumes increased 22.1 percent year over year. The average sales price per item grew 15 percent to $22.2 (DKK 145), mainly driven by a higher share of revenue from rings, which are sold at higher average prices relative to individual charms, as well as a proportionally higher share of revenue from Pandora-owned and operated stores. Prices for each individual product were virtually unchanged compared with the corresponding quarter a year ago.

For the full year 2014, group revenue increased 32.5 percent to $1.83 billion (DKK 11.942 billion). Net profit for the year, totaled $474 million (DKK 3.098 billion), grew 39.5 percent.

“The performance in the fourth quarter was our strongest ever, and resulted in 2014 being a very successful year for Pandora. Again we increased our top-line to record high levels, driven by strong growth across all geographies and product groups. Revenue from charms and bracelets increased more than 25%, while revenue from rings increased to more than DKK 1 billion. During the year we also opened our concept store number 1,400, as part of our continuous focus on increasing the share of revenue from our concept stores,” said Allan Leighton, CEO of Pandora.

Pandora said that it expects to add more than 300 new concept stores this year, which include an expected opening of around 60 new owned and operated concept stores in Germany following the recent take-over of up to 78 leaseholds in the country.