PANDORA Revenue +37.5% in Q3 2015
November 10, 15
(IDEX Online News) – Danish jewelry designer and manufacturer PANDORA saw its third-quarter revenue jump 37.5 percent compared to 2014. The company said the increase was driven by strong development across all regions with group revenue reaching DKK 3.91 billion ($564 million).
Revenue in the Americas increased by 22.7 percent (8.3% in local currency); Europe increased by 40.7 percent (36.1% increase in local currency) while Asia Pacific increased by 74.8 percent (62.9% increase in local currency).
Revenue from concept stores increased by 49.3 percent and corresponded to 60.6 percent of the total revenue.
Gross margin increased to 74 percent in the quarter, compared with 70.3 percent in 2014.
Net profit for the quarter was DKK 1.006 billion ($145 million), compared to a net profit of DKK 725 million ($104 million) in the third quarter of 2014.
PANDORA said that it was still on target to open more than 375 concept stores in 2015.
“The strong top-line development has continued in the third quarter of the year, and again all regions contributed to the growth. Europe and Asia Pacific in particular did well, with both established as well as less developed markets continuing the positive momentum,” said PANDORA CEO Anders Colding Friis.
“Growth in the US was slightly softer than previous quarters primarily due to a change in promotion strategy in the region to further enhance our brand.”