They predicted a successful quarter, and the Danish jewellery company has never been one to disappoint.
So far in 2015, Pandora has exceeded all expectations by recording a turnover of 3,547 million kroner in the first quarter – an increase of 36.8 percent compared to last year.
While 2015 targets called for a turnover of more than 14 billion kroner, Pandora is now expected to reach a record turnover of more than 15 billion kroner this year.
According to Pandora’s chief executive Anders Colding Friis, the upward revision is mainly driven by exchange rate changes.
“We experienced a tailwind in the exchange rates, especially in relation to the US dollar. But it is also clear that the business is doing well in general, and this helps to strengthen our faith in a good 2015,” Friis told Borsen.
Concept store success
Strong sales from concept stores represent a large part of the jewellery company’s recent success.
Revenue from Pandora concept stores accounted for 54.9 percent of total revenue in the first quarter – an increase of 47 percent.
As a result of this success, the company now plans to open more than 325 concept stores in 2015.
Sales in Europe are also going well, experiencing an increase in sales of 33.2 percent.