Pandora is growing fast.
The Danish jewelery success reports a revenue growth in the first quarter by a third.
“We have had a very strong start to the year, with all geographic regions, as well as all product categories delivering double digit growth rates.,” says CEO Anders Colding Friis.
Compared to the first quarter 2015, sales in the year increased by 34 percent. to 4.740 million DKK. Analysts’s forecasts were 400 million DKK lower.
Operating profit also rose by a third to 1,645 million DKK, surpassing analysts’ forecast of 143 million.
In regions and local currencies, Americas increased by 13 percent, EMEA by 49 percent and Asia Pacific 62 percent.
Revenue from concept stores increased by 61 percent and corresponded to 6 percent of the total revenue
”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. Furthermore, we improved our profitability for the quarter, resulting in a continuing strong cash flow.” comments In Anders Colding Friis, CEO of Pandora.
The forecast for full-year sales is now upgraded to more than 20 billion DKK and the outlook for operating earnings increased to more than 38 percent.