Danish jewellery giant outpaces expectations

Pandora lifts 2016 sales forecast on the strength of better-than-expected results

Shares in Danish jewellery maker Pandora have risen after the company reported a 34 percent rise in quarterly sales of its charms and bracelets. The company has boosted its profit and revenue forecasts for the year.

The shares rose as much as 8.8 percent on the Danish Stock Exchange in Copenhagen to reach their highest level since early February.

“We have had a very strong start to the year, with all geographic regions and product categories delivering double-digit growth rates,” said Pandora head Anders Colding Friis.

More stores on the way
Friis said that Pandora’s sales had been boosted by the company’s expanding global network of stores.

Pandora added 405 stores over the past year and now has over 1,800 shops. It expects to add more than 275 new concept stores during the year, up from a previous estimate of 250.

The company increased its sales forecast for 2016 to over 20 billion kroner, up from its previous target of over 19 billion kroner. It also lifted its earnings forecast.