Pandora says its revenues will rise this year faster than previously reported.
In an upbeat trading statement at the end of another record quarter for sales, the publicly listed Danish brand announced that it will accelerate the opening of concepts stores from the 300 it recently told markets, to 325.
The UK has been the pioneer and driving force behind the expansion of Pandora’s network of concept stores. The company’s largest UK partner now has 22 Pandora stores, Peter Anderson Pandora president for Western Europe, told Professional Jeweller last month.
In 2014, Pandora opened 24 concept stores in the UK, instead of just 10 that it initially planned. In the first few months of 2015, another six opened, taking the total to 163, Anderson revealed.
“We have a healthy waiting list of partners who would like to open stores with us,” he added.
The vast majority of Pandora’s concept stores are franchises run by local jewellers. “Of our 163 stores, we actually own five and the remainder are all franchisees,” Anderson explained.
World-wide revenue in the first quarter increased to DKK3.55 billion, from DKK2.59 billion a year earlier, while operating profit increased to DKK1.24 billion, from DKK887 million.
Net profit fell 46% due largely to a one-off charge of DKK995 for back taxes covering a six-year period.
The company raised its 2015 outlook and said it now expects revenue to grow more than DKK15 billion, up from DKK14 billion previously.