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Pandora Closes 1,422 Unbranded Stores in 2015
Jeweler Ups Focus on Concept Stores, Annual Sales +40%
Feb 10, 2016 9:00 AM
By Rapaport News
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RAPAPORT... Pandora closed 1,422 unbranded stores globally in 2015 and
increased its focus on branded and concept stores, as total revenue for the
year grew 40 percent. The company announced it would increase its annual
dividend by 44 percent over 2014 to $1.96 per share.
The
Denmark-based jeweler opened a net total of 392 concept stores during the year,
including 136 in the fourth quarter that ended December 31. It opened net 34
owned and operated stores during the fourth quarter, of which 15 were added in
China, according to a statement February 9.
Revenue from
concept stores increased 54 percent to $1.57 billion (DKK 10.4 billion), while
total branded stores – which include concept stores – advanced 45 percent to
$2.24 billion.
The company has closed locations
throughout the year, announcing in November that it shut
116 unbranded stores in the Americas in the third quarter.
Total company revenue for the year soared 40 percent to $2.52
billion on strong growth across the major regions and product groups. Net
profit increased 19 percent to $554 million.
During the
fourth quarter, revenue increased 43 percent to $856.7 million as sales in
Europe, the company’s largest region by this measure, surged 51 percent to
$419.8 million.
Pandora also said it will initiate a
share buyback program for up to $603.2 million to be executed during 2016 aimed
at reducing the company’s share capital at the 2017 annual general meeting.
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Tags:
branded stores, concept stores, data, Pandora, Rapaport News, results, unbranded stores
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