PANDORA Revenue +41.4% in Q2

(IDEX Online News) – Bead and jewelry company PANDORA saw second-quarter revenue increase 41.4 percent compared to the same quarter in 2014. The company said the increase was driven by strong development across all regions with group revenue reaching DKK 3.589 billion ($529 million).

Revenue in the Americas increased by 43.8 percent (19.4% in local currency); Europe increased by 38.0 percent (32.0% increase in local currency) while Asia Pacific increased by 44.1 percent (26.9% increase in local currency).

Revenue from concept stores increased by 54.7 percent and made up 59.3 percent of the total revenue.

The gross margin increased to 71.5 percent in the quarter, compared with 70.7 percent in 2014.

Net profit for the quarter was DKK 910 million ($134 million), compared to a net profit of DKK 662 million ($97 million) in the second quarter of 2014.

PANDORA said it is continuing with plans to expand its store network and expects to add more than 375 new concept stores in 2015, compared to the 325+ it previously said as expecting to add.

“We are very pleased to report yet another strong quarter, both in terms of top line development and profitability. All major regions once again delivered double digit revenue growth and our focus on concept stores continues to pay off, with revenue growth in the quarter of more than 50 percent, said PANDORA CEO Anders Colding Friis.