Jewelry Firm Pandora Posts 30% Rise In Q1 Revenue

Jewelry company Pandora reported a 29.5 percent rise on the year in revenue in the first quarter of this year to $478 million.

The bracelets and charms maker reported profit for the quarter of $130 million – up significantly on $81 million for the same period last year.

“Following a good start to 2014, Pandora has decided to increase revenue guidance to more than $1.94 billion (previously guided more than $1.84 billion),” the firm said in a statement.

Sales in the Americas area rose 10.7 percent, and in Europe there was a rise of 49.2 percent. Meanwhile, in Asia Pacific, there was a rise of 54.3 percent.

Pandora aims to expand further its store network and now expects to add more than 225 new concept stores in 2014 compared with a previously expected figure of more than 175.

CEO Allan Leighton said: "We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30 percent for the first quarter. All regions increased with double digit percentages, primarily driven by strong like-for-like growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period.

“Our upgraded revenue guidance reflects this quarter's performance, but also the expectancy that the absolute levels of growth moderate for the rest of the year."