Pandora sales sparkle as Danish jeweller charms UK shoppers
Danish jewellery brand Pandora has posted a 50.5 per cent jump in UK sales in the third quarter, after its rings, necklaces and charm bracelets flew off the shelves.
The listed company, which has opened 179 stores in the UK over the last seven years, said like-for-like sales increased by 17.5 per cent compared to the same period last year, with rings selling particularly well and now accounting for 20 per cent of sales.
Pandora’s European president Peter A Andersen, said: “During the third quarter, we have seen the ongoing growth of the brand within the UK, a key market for Pandora, and one in which we have successfully increased sales and revenue figures.”
“The all-important Christmas season is just around the corner and we look towards it positively – it is a very exciting time for the brand – both globally and within the UK as we continue to focus on developing our business, opening new concept stores and delivering long term growth through the popularity of the product,” he added.
Group revenue rose by 37.5 per cent to DKK 3.9bn (£370m) while net profits topped DKK1bn in the period compared with DKK 725 in the third quarter of last year.
The company said it is still on track to report full-year sales of above DKK16bn and an underlying earnings margin of around 37 per cent despite currency exchange movements, which are expected to hit revenues by 10 per cent compared with 2014.