Luxury jewellery brand Pandora has seen its revenue increase by 36.8% to DKK 3.5 million in the first quarter as the company continues to grow its store network.
Figures show that the company’s revenue has increased in areas such as the Asia Pacific region increasing by 33.2% or 28.5% in local currency and America saw its revenue increase by 34.4% or 12.8% in local currency.
On the downside, Pandora’s net profit dropped to DKK 383 million from DKK 704 million the year before.
Anders Colding Friis, chief executive of Pandora said: “Once again we are off to a strong start to the year, with all geographic regions, as well as all product categories generating double digit growth rates. Revenue growth was driven by strong like-for-like sales-out growth in many markets as well as the continued expansion of our concept store network. Furthermore, the profitability in the company continues to be very healthy, which is also evident from the strong cash flow generation in the quarter.”
The future for Pandora sees the company adding more than 325 new concept stores this year, and has reported that its full-year revenue rose to DKK 15 billion from DKK 14 billion.
