Friday, November 24, 2017

Pandora charms the market with 38% profit rise

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Danish Jeweller Pandora has reported a 38% net profit rise in sales in its third quarter. UK revenue increased by 50.5% compared to the same period the previous year. 

Like-for-like sales increased by 17.5% during this period. Additionally, online sales have grown, making up 10% of the jeweller‘s total revenue.

Pandora, whose popular charm bracelets, rings and earrings are available at around 9,500 sites worldwide, saw a further 10 stores open, to a total of 179 in the UK

The retailer said that it has expanded its focus on different ranges including rings which now contributes 20% of UK turnover, while its charm bracelets continue to drive the most sales.

“During the third quarter, we have seen the ongoing growth of the brand within the UK, a key market for Pandora, and one in which we have successfully increased sales and revenue figures” said Peter Andersen, President of Pandora Western Europe.

“The all-important Christmas season is just around the corner and we look towards it positively – it is a very exciting time for the brand – both globally and within the UK as we continue to focus on developing our business, opening new concept stores and delivering long term growth through the popularity of the product” Anderson added.