PARIS — Pandora reported a 37.5 percent jump in net profit in the second quarter as all major regions posted double-digit growth.
Based on the strong second-quarter performance and favorable currency swings, the Copenhagen-based jewelry brand again increased its revenue guidance for 2015, saying it now expected sales to top 16 billion kronor, or $2.35 billion at current exchange, versus an earlier forecast of 15 billion kronor, or $2.21 billion.
The group posted a net profit of 910 million kronor, or $135.8 million, in the second quarter. Its earnings before interest, taxes, depreciation and amortization margin rose to 36.4 percent from 35.1 percent during the same period a year earlier.
Sales in the second quarter totaled 3.6 billion kronor, or $536 million, up 41.4 percent year-on-year. Stripping out the impact of exchange rate variations, revenues were up 25.8 percent. All dollar rates are calculated at average exchange rates for the period concerned.
“All major regions once again delivered double-digit revenue growth and our focus on concept stores continues to pay off,” said Anders Colding Friis, chief executive officer of Pandora.
“Growth was driven by a combination of network expansion and strong like-for-like growth, supported by revenue enhancing initiatives such as the continued roll out of our e-store and our collaboration with Disney,” he added.
Pandora said it now expects to open more than 375 new concept stores in 2015, up from an earlier forecast of 325.
The group also announced it was strengthening its footprint in Asia through a deal with Norbreeze Group valued at around 149 million kronor, or $22 million, under which it will buy its store network in Singapore and Macau and reacquire distribution rights in the Philippines, effective Jan. 1, 2016.
Pandora will open an office in Singapore and will operate the Macau and Philippines stores out of Hong Kong. It plans to add to its chain of 15 concept stores and five shop-in-shops in Singapore and Macau, while the Philippines will continue to be operated by a local master franchisee.