PANDORA Q1 2016 Revenue +34%

(IDEX Online News) – Danish jewelry designer and manufacturer PANDORA saw a 34-percent increase to DKK4.74 billion ($725 million) in its first quarter revenue as all its geographic regions returned double-digit growth rates.

Gross profit also increased in the first quarter to DKK3.54 billion ($541 million) compared to DKK2.52 billion ($386 million) – a 29-percent increase – over the same period in the prior year.

PANDORA said that the growth in revenue across all its regions was driven by a combination of factors, including growth in existing stores and expansion of the store network. It said that its Valentine’s Day and Spring Collections, launched during the quarter were well received, as well as continued high demand for products launched during 2015.

Revenue in the US was DKK1.37 billion ($210 million), a 13-percent increase compared to the first quarter in 2015. Revenue from Brazil increased 10 percent, or around 50 percent in local currency compared to the first quarter of 2015, despite economic and political difficulties in the country.

The company’s revenue in Europe, Middle East and Africa (EMEA) jumped 47 percent to DKK2.09 billion ($319 million), and was driven by all store types. In Asia-Pacific, revenue climbed to DKK880 million ($135 million) – a 58-percent increase – compared to the same period in the year previous.

PANDORA-owned stores, including PANDORA e-stores saw revenue increase by 100 percent to DKK1.42 billion ($217.5 million), which corresponded to 30 percent of total company revenue compared to 20 percent over the same quarter in the prior year.

The company added 251 PANDORA-owned stores in the last 12 months, including 56 concept stores and 24 shop-in-shops, converted from franchisee stores, to a total of 511 concept stores and 119 shop-in-shops owned by PANDORA.

“Revenue growth was driven by growth in our existing stores, especially in EMEA and Asia Pacific, as well as continued expansion of the concept store network across all regions,” said PANDORA CEO Anders Colding Friis.

“Furthermore, we improved our profitability for the quarter, resulting in a continuing strong cash flow.”