Total revenue up 32.5% overall to £1.185bn in full year results.
Pandora has released its full year 2014 financial results, citing a 32.5% increase in total Group revenue to DKK 11,942 million (£1.185bn) and a 41% increase in European revenue.
Overall the Group’s revenue hit 11,942 million (£1.185bn) in 2014, compared to DKK 9,010m (£894m) in 2013. Revenue was up in all territories, rising 19.3% in the Americas (20.6% in local currency), 41.1% in Europe (38.8% in local currency) and 53.5% in Asia Pacific (58.1% in local currency).
Revenue from the company’s concept stores was also up 56.4%.
Other figures highlighted in the report include gross margin, which was 70.5% up in 2014 compared to 66.6% in 2013. Overall net profit increased by 39.5% to DKK 3,098m (£307m) in contrast to DKK 2,220m (£220m) in 2013.
EBITDA increased by 49% to DKK 4,294m (£426m) in 2014, corresponding to a margin of 36% compared to 32% in 2013. EBIT also increased y 51.9% to DKK 4,072m (£404.5m) in 2014, leading to a margin of 34.1% up from 29.8% in 2013.
Free cash flow reached DKK 3,868m (£384.6m) compared with DKK 1,956m (£194.5m) in the preceding year – an increase of 97.8% and corresponding to a cash conversion of 124.9%.
In wake of the results, Pandora has initiated a new share buyback programme for up to DKK 3,900m (£387.9m) to be executed during 2015 with the primary purpose of reducing the company’s share capital at the Annual General Meeting in 2016.
Pandora chief executive officer Allan Leighton commented: "The performance in the fourth quarter was our strongest ever, and resulted in 2014 being a very successful year for PANDORA. Again we increased our top-line to record high levels, driven by strong growth across all geographies and product groups. Revenue from charms and bracelets increased more than 25%, while revenue from Rings increased to more than DKK 1 billion.
"During the year we also opened our concept store number 1,400, as part of our continuous focus on increasing the share of revenue from our concept stores."
Looking ahead to 2015, Pandora will continue to focus on driving like for like growth in its existing stores, as well as expanding its store network in newer as well as in more penetrated markets.
Revenue is expected to increase to more than DKK 14bn (£1.3bn).