Pandora revenue increases 30% in interim Q1 report

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Interim report shows 48.3% revenue boost across Europe for the brand.

Pandora has released its interim financial report for Q1 2014 revealing positive growth of 30% compared to Q1 2013.

The Group’s revenue in Q1 2014 was DKK 2,592 million (£283m) – an increase of 29.5% or 34% in local currency compared with the same point last year.

European reveanue increased by 49.2% (48.3% in local currency), with the geographic areas of the Americas and Asia Pacific rising 10.7% and 54.3% respectively.

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The company’s gross margin profits increased to 69.1% in Q1 2014 compared with a gross margin of 65.6% in Q1 2013.

EDITDA increased by 45.7% to DKK 937m (£102m)for the quarter, corresponding to an EBITDA margin of 36.1%, compared with an EBITDA margin of 32.1% in Q1 2013. EBIT also increased by 48.1% to DKK 887m (£96m) for the quarter – a margin of 34.2% compared to a margin of 29.9% in Q1 2013.

Overall, net profit for the quarter was DKK 704m (£77m), compared to DKK 438m (£47m) in the preceeding year.

In other areas, free cash flow reached DKK 1,049m (£114m), compared to DKK 406m (£44m) in Q1 2013.

Pandora also bought back 902,530 own shares in the first quarter at a total value of DKK 317m (£34m) as part of a billion pound share buyback programme.

The company now plans to expand its store network and expects to add more than 225 new concept stores in 2014 versus the previously expected 175.

In connection with the Q1 2014 results, chief executive officer of Pandora, Allan Leighton, said: "We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30% 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."

Pandora was founded in 1982 and is now sold in more than 80 countries on six continents through approximately 10,000 points of sale, including more than 1,100 concept stores.

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