Pandora Posts 30% Jump In Q1 Revenue To $478M

(IDEX Online News) – Jewelry maker and retailer Pandora posted a 29.5 percent rise on the year in revenue in the first quarter of this year to $478 million.

Net profit for the quarter was $130 million, compared with a net profit of $81 million a year earlier.

“Following a good start to 2014, Pandora has decided to increase revenue guidance to more than $1.94 billion (previously guided more than $1.84 billion),” the firm said in a statement.

Sales in the Americas increased by 10.7 percent (up 16.2 percent in local currency), while in Europe there was an increase of 49.2 percent (up 48.3 percent in local currency), and in Asia Pacific there was an increase of 54.3 percent (a 71.9 percent increase in local currency).

Pandora plans to continue to expand its store network and now expects to add more than 225 new concept stores in 2014 versus a previously expected figure of more than 175.

CEO Allan Leighton said: "We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30 percent for the first quarter. All regions increased with double digit percentages, primarily driven by strong like-for-like growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period.

“Our upgraded revenue guidance reflects this quarter's performance, but also the expectancy that the absolute levels of growth moderate for the rest of the year."