Jewellery giant Pandora has improved its annual expectations after a first quarter that was better than expected in all parameters, which included a net profit of 704 million kroner – well above the 438 million kroner gained in last year’s first quarter.
The solid results have led to Pandora increasing its turnover target from 10 billion kroner to more than 10.5 billion kroner, while the EBITDA margin expectations remain unchanged at about 35 percent.
“We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30 percent for the first quarter,” Allan Leighton, the head of Pandora, said in a press release.
“All regions increased with double digit percentages, primarily driven by strong like-for-like growth, which was positively impacted by the good reception of all our new collections and replenishment from a strong Christmas period.”
More concept shops
Leighton went on to underline that the raised expectations not only reflect developments this quarter, but also the expectancy that the absolute levels of growth will remain moderate for the duration of the year.
Based on its results, Pandora plans to add more than 225 new concept shops in 2014, as opposed to the previously expected 175.
Pandora jewellery is sold in more than 80 countries across six continents via 10,000 distributors, including more than 1,100 concept shops.