Pandora enjoys strong demand of charms and bracelets in its second quarter

The Danish jewelry brand Pandora has posted its financial results for the second quarter, confirming a rise in revenues to $3.6 billion Danish krone ($ 536 million dollars), up 41.4% compared with a year earlier. The producer of charms, bracelets, rings and necklaces grew across all regions between April and June, increasing by 43% in America, 38% in Europe and 44% in Asia Pacific.  

Pandora, a label that manufactures hand-finished contemporary jewelry, also posted a net profit of $910 million Danish krone ($ 135 million dollars), up from $662 million Danish krone ($ 98 million dollars) in the second quarter of 2014. The company also saw its gross margin increased to 71.5% in the second quarter, compared with 70.7% in 2014.

Based on the strong performance in the second quarter, as well as favorable exchange rate fluctuations, the group decided to raise its revenue guidance for 2015 from $15 billion Danish krone ($ 2.23 billion dollars) to $16 billion Danish krone ($2.4 billion dollars) .

“We are very pleased to report yet another strong quarter, both in terms of top line development and profitability. All major regions once again delivered double digit revenue growth and our focus on concept stores continues to pay off, with revenue growth in the quarter of more than 50%," said Anders Colding Friism CEO of Pandora. "Growth was driven by a combination of network expansion and strong like-for-like growth, supported by revenue enhancing initiatives such as the continued roll out of our eSTORE and our collaboration with Disney.” 

The jeweler, whose EBITDA grew in the second quarter by 46%, owns more than 9,600 selling points in over 90 countries. The company founded in 1982 expects to continue driving positive results by like-for-like growth in existing stores as well as expansion of the store network.

Written by Barbara Santamaria