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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.
Tags: branded stores, concept stores, data, Pandora, Rapaport News, results, unbranded stores
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