Jewellery giant Pandora has reported a huge rise in profits to £35.8m in the UK & Ireland.
In accounts filed with Companies House this week, Pandora’s UK subsidiary recorded a 86.4% increase in profits for the year ended December 31, 2016.
The document also shows operating profits for Pandora UK rose by 25% to £13.5 million in 2016.
Turnover for the financial year increased from £234.4m in 2015 to £308.8m in 2016.
The company attributes this turnover growth to the increase in concept store numbers, a growth in the number of owned and operated stores (through acquisition), strong e-store sales, and positive retail like for like sell out figures in its concept stores.
The report also states that the majority of this increase represents the wholesale distribution of jewellery to retailers in the United Kingdom who have “increased confidence in the core and new products”.
“The market of jewellery in the UK is competitive and the company continues to focus on branded retail points of sale and introduction of new products to diversify the range and reduce risk,” says the brand’s managing director, Brien Winther, in the company’s report, adding: “It also continues to maintain brand awareness through marketing, advertising and PR activities, focusing its strategy of increasing the number of concept stores in prime retailing locations and supporting the growth of its O&O e-store.”
In terms of products, the report highlights Pandora Rose and new product offerings as sales boosters.
Looking at the brand’s turnover year on year in the UK, Pandora is still showing no signs of slowing down.