Pandora reveals record profits

Pandora earned a record 9 billion Danish kroner in profits in 2013 - a 35.4 percent over its 6.6 billion Danish kroner profits in 2012…
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Pandora earned a record 9 billion Danish kroner (Au$1.84bn) in profits in 2013 – a 35.4 percent over its 6.6 billion Danish kroner (Au$1.35bn) profits in 2012 – and is expecting to earn even more this year.

Announcing the company’s full year results, CEO Allan Leighton said Pandora expects to surpass the 10 billion kroner mark for 2014 driven by like-for-like growth in existing stores, expansion of its global store network and further expansion in its new markets.

“2013 has been a strong year for Pandora,” he said.

“We recorded our highest revenue ever and increased our profitability.

“The results were driven by progress across all major regions.”

Pandora’s financial results showed an increase in revenue in a number of major markets, including a 47.9 jump in Europe, a 37.1 percent rise in Asia Pacific and a 25.5 percent increase in the Americas.

“All the regions contributed to the positive growth and our four core markets, the US, the UK, Germany and Australia all showed positive development in 2013.

“I think we are especially pleased with the fact that in all four quarters, in each market, we experienced positive like-for-like sales growth.”

Leighton said the company had continued to implement “a number of core initiatives” during 2013 which resulted in “strong sales growth of our newly launched products”.

“We also continued our focus on branded sales − that’s what we do − and opened 205 new concept stores and now generate more than 80 percent of our revenue through brand new channels.

“In the process, of course we closed part of the unbranded store network and we’ll continue to do so in order to maximise distribution to local purchasing patterns.”

He said Pandora would continue to expand its network and open more than 175 concept stores worldwide in 2014.