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Rings was one of the strongest performing categories for Pandora Australia in the third quarter
Rings was one of the strongest performing categories for Pandora Australia in the third quarter

Pandora jewellery sales on the up and up

Pandora Australia’s revenue continues to climb, with its latest results representing its 10th consecutive quarter of significant sales increases.

According to a company financial statement, Pandora’s revenue increased 35.9 per cent – 45.1 per cent in local currency – to DKK208 million (AU$42 m) in the third quarter of 2015 compared to the corresponding period in 2014.

Same-store sales also rose 44.5 per cent, marking the 10th quarter in a row for which the brand has recorded an increase of 20 per cent or higher.

Brien Winther, Pandora Australia president
Brien Winther, Pandora Australia president

“The performance of the Australia and New Zealand business was very strong through Q3,” Pandora Australia president Brien Winther stated. “We were particularly pleased to see our hard work in New Zealand showing some very positive results. Both our concept store and multi-branded [retail stockists] contributed strongly to our result.”

Continued sell-through growth and the opening of 12 new concept stores in the past year were said to have driven the positive result.

Winther noted that the rings category performed particularly well – accounting for more than 20 per cent of Australia’s revenue – and that the company also had strong sales for its gift sets.

“We also saw an improvement in our necklace and pendants category,” he added.

While the new Australian e-store launched on 29 September did not impact on revenue for the period, Winther said he was pleased with its performance to date.

“Most importantly, the operational aspects have run extremely smoothly which is a credit to the team [that has] worked to ensure any potential challenges were planned for,” he commented. “Giving our consumers a memorable experience is paramount and so far, we have delivered on that promise.”

Winther added that the Christmas and Disney collections were also generating excitement.

Global performance

As in previous quarters, Pandora latest results showed double-digit revenue increases across all regions.

The Asia-Pacific region was up 74.8 per cent (62.9 per cent in local currency) to DKK603 million (AU$121.8 m); the Americas 22.7 per cent (8.3 per cent in local currency) to DKK1.4 billion (AU$288.6 million); and Europe 40.7 per cent (36.1 per cent in local currency) to DKK1.9 billion (AU$379.5 million).

Anders Colding Friis, Pandora CEO
Anders Colding Friis, Pandora CEO

Globally, Pandora achieved a 37.5 per cent increase (28 per cent in local currency) in revenue to DKK4 billion (AU$790.1 million).

Commenting on the results, Pandora CEO Anders Colding Friis said, “The strong top-line development has continued in the third quarter of the year, and again all regions contributed to the growth.

“Europe and Asia Pacific in particular did well, with both established as well as less developed markets continuing the positive momentum. Growth in the US was slightly softer than previous quarters primarily due to a change in promotion strategy in the region to further enhance our brand.”

During the period, Pandora opened 112 new concept stores, including one in Australia. A company statement indicated more than 375 stores would be added to Pandora’s international network during 2015.

By the end of the quarter, Pandora had also opened e-stores in 10 countries: Australia, Austria, France, Germany, Italy, the Netherlands, Poland, Sweden, the UK and the US. E-stores have also since been launched in Brazil, Hong Kong and Japan.

Pandora has a presence in more than 90 countries, with approximately 9,500 points of sale. Globally, the company has more than 1,500 concept stores, 97 of which are located in Australia.

More reading
Pandora profits soar amid structural reshuffle
Pandora jewellery on hot streak
Sales increase and new stores for Pandora
Pandora’s Disney jewellery collection to enchant retailers
Pandora unveils Australian online store

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