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Pandora's 1Q Revenue +30%, Profit +61% to $130M

May 13, 2014 7:19 AM   By Jeff Miller
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RAPAPORT... Pandora's revenue rose 29.5 percent year on year to $478 million (DKK 2.59 billion) in the first quarter that ended on March 31. Profit jumped 60.7 percent to $129.9 million (DKK 704 million). Gross margin as a percentage of sales improved to 69.1 percent compared with 65.6 percent one year earlier.

The number of unit sales during the quarter rose 26.6 percent, while the average sales price per unit increased slightly to $24.17 (DKK 131) compared with $23.61 (DKK 128) one year ago. In local currency, sales increased 9.2 percent in the U.S. but surged 42.1 percent for the other regions of Pandora's Americas division. Sales jumped 16.1 percent in Australia; however, the increase was in excess of 200 percent for the other markets across the group's Asia-Pacific region. In Europe, Pandora's sales in local currency rose 52.3 percent in the U.K. and 12 percent in Germany, while other markets in Europe jumped 55.2 percent.

Pandora's CEO, Allan Leighton, said, “We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30 percent for the first quarter. All regions increased with double-digit percentages, primarily driven by strong same-store sales growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period.”
Tags: gross margin, Jeff Miller, Jewelry, Pandora, profit, regions, sales
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