Friday, August 19, 2022

Pandora’s UK sales account for a quarter of company’s EMEA growth

Pandora acquires 37 Pandora franchise store locations in the US to support its long-term growth ambitions
Pandora’s US business reached over $1 billion in sales in 2021 and had fourth quarter sell-out growth of 39% year-on-year.

Pandora‘s UK revenues increased by seven per cent during the second quarter this year, accounting for a quarter of the jewellery retailer‘s growth in the Europe, Middle East and Africa region.

The news comes just as Peter Andersen, the managing director of the Danish company‘s UK arm, prepares to step down later this year.

The second quarter results were also boosted by the opening of seven new concept stores, bringing the number of Pandora‘s British retail outlets to 209.

“These are another set of fantastic results which we are all incredibly proud of – to be a presence in every major UK town and city is a phenomenal achievement,” Andersen said.

“After eight years at Pandora, it has been both challenging and immensely rewarding, watching the brand grow and resonate so well with women of all ages.

“I am delighted with the progress the brand has made in the UK, in particular in such a competitive industry and on what is widely considered a tough high street to crack.”

Meanwhile, Pandora‘s group sales spiked by 20 per cent year-on-year to around £490 million during the same quarter.

Its EBITDA also grew by 23 per cent to £180 million.

The company said it had experienced “strong momentum” in Europe, the Middle East and Africa, where sales went by 28 per cent in total – and its performance in the UK alone contributed to around a quarter of that figure.

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