Pandora group revenue hits £228m in Q1

Pandora-rings-web.jpg

European revenue up 50.4%; Valentine’s Day proves a hit for brand.

Pandora has today released its interim results for Q1 2013, with group revenue of DKK2 billion (£228m) and profits totalling DKK438 million (£49.8m).

The brand’s group revenue figure was up 40.6% compared to Q1 2012, with revenue in the Americas increasing 38%, European revenue up 50.4% and the Asia Pacific region increasing 26.1%. It plans to open about 150 Pandora concept stores worldwide in 2013.

Pandora’s gross margin decreased to 65.6% in Q1 2013, compared to a gross margin of 71.6% in Q1 2012, with EBITDA increasing by 60.3% to DKK643 million (£73.2m) for the quarter.

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Its net profit for the quarter increased by 29.6% to a total DKK438 million (£49.8m), compared to a net profit of DKK338 million (£44.2m) in Q1 2012.

The Danish brand’s free cash flow was DKK406 million (£46.2m) in Q1, compared to DKK118 million (£13.4m) in Q1 2012.

The company also initiated a share buy-back program in Q1, with Pandora buying back 398,153 shares corresponding to DKK61 million (£6.9m) as part of its on-going DKK700 million (£79.6m) share buyback programme.

Pandora’s chief executive Bjørn Gulden said: "Although it is still early in the year, we have had a strong start. Revenue and earnings increased across all regions, positively impacted by the delivery of the Valentine’s Day collection in Q1 2013, instead of, as historically, in the fourth quarter.

"Even more importantly, our sales-out in concept stores has also strengthened with double digit growth in our four major markets. Some of this increase is due to the fact that Easter was in Q1 this year compared to Q2 last year, but we believe most of it is due to better products, improved marketing and better execution in the stores."

The brand has been praised by UK retailers for its new springtime collections, which were awarded best jewellery collection by the Company of Master Jewellers at The Jewellery Show in February. 

Looking ahead Pandora expects revenue for 2013 to be go above DKK7.2 billion (£819m) and expects an EBITDA margin above 25%.

The brand recently announced the appointment of new chief executive Allan Leighton

 

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