Pandora reports rise in revenue for Q3
Pandora, the Danish jewellery chain, has reported a rise in group revenue in its third quarter as it continues to implement its turnaround plan.
In the three months to 30 September, group revenue rose 14.3% to DKK 1,794 million and net profit reached DKK 380 million from DKK 341 million a year earlier.
Sales in the Americas rose 21.9% while European sales rose 13.1%. The UK was Pandora’s largest single European market with sales accounting for 13.9% of revenue, up 12.2% year-on-year.
Since cutting its guidance in August 2011, the company has appointed a new chief executive and implemented a turnaround programme which included a number of store closures and a realignment of its prices. The retailer’s stock rebalancing programme, which saw Pandora offer retailers the opportunity to exchange unsold products, continued in the quarter and is now largely concluded.
Never Miss a Retail Update!The company said now it expects revenue for 2012 to be more than DKK 6.3 billion from more than DKK 6 billion.
Pandora chief executive Björn Gulden said: “The year is not yet finished. We have our most important quarter to come, but we feel confident that our improved product, our lower prices and our other operational improvements will put us in the position of achieving our updated financial goals for the full year.”
