Danish jewellery manufacturer and retailer Pandora reports a strong year despite market challenges.
Group Pandora sales increased by 12 per cent (15 per cent in local currency) last year to DKK22.7 billion (US$3.7 billion). Revenue from Pandora-owned retail grew 42 per cent (46 per cent in local currency).
Like-for-like sales-out growth for the brand’s concept stores was 11 per cent.
Pandora sales in Asia Pacific were up 25 per cent (28 per cent in local currency).
Revenue from charms was up 8 per cent and revenue from bracelets increased 8 per cent. Full jewellery brand development remains on track with combined revenue from rings, earrings and necklaces, and pendants up 28 per cent. The three categories represented 26 per cent of group revenue compared with 23 per cent in 2016.
Gross margin was 74.5 per cent last year, down from 75.1 per cent).
Describing the year as “challenging and eventful”, CEO Anders Colding Friis says revenue was driven by a strong performance from Pandora-owned retail, and double-digit growth in local currency across all product categories.