Jewellery giant Pandora UK has released its latest financial results for the year ended December 31 2017, with turnover increasing by over £30m.
In accounts filed on Companies House, turnover at Pandora’s UK subsidiary rose to £343m from £309m on the previous year, while gross profit also grew to £84m, compared to £67m in 2016.
Operating profit dipped slighty to £13,224m from £13,541m on the previous 12 months.
During the year, the company purchased 27 stores from franchisee partners which was in line with the long term strategy of the business to expand the owned and operated network, and helped to bring the boost to revenue.
The company opened 1 owned and operated store.
Pandora said that the brand will continue to focus on maintaining its brand image, with the rise in sales in the ‘highly competitive market’ driven by strong marketing campaigns and growing customer confidence.
In report submitted with the latest results, the company said it was continuing to ‘enhance products and offerings to the market through a number of new initiatives, including strengthening the focus on product innovation and digital campaigns.’
There are now 264 concept stores and 101 multi-brand accounts in the UK, which is an increase on 2016, when there were 257 concept stores and 92 retailers.
Commenting on how the next 12 months will impact Pandora, the company acknowledged that while Brexit and state of the UK economy will be ‘challenging’, early indications show a ‘strong and improved’ sell out figures in stores due to a great focus on operational KPi’s in store.
Last week the global jewellery giant made adjustments to its global financial forecast for the year, and announced an organisational shift that would lead to the loss of almost 400 jobs.
Since the brand has modified its financial guidance for 2018, shares have plummeted by more than a fifth, with many speculating whether the president and CEO would be able to hold his position.
Then, just days following the stock slump, Anders Colding Friis revealed he will leave the company on August 31, 2018 after three and a half years at the helm.
Kate Walsh is UK managing director of Pandora, and will take over in September following the departure of Brien Winther.