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Danish jewelry maker Pandora sees revenue up 36.8 pct in Q1

Xinhua, May 12, 2015 Adjust font size:

Danish jewelry maker Pandora saw revenues up 36.8 percent in the first quarter 2015, backed by a strong development across all regions, the company announced on Tuesday.

Group revenue increased to 3.547 billion Danish kroner (about 535 million U.S. dollars) in the first quarter, up 36.8 percent from 2.592 billion kroner for the same period last year, it said in a statement.

Its Asia Pacific region saw sales rose 55.6 percent, which was the most significant contributor to overall revenue growth.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first-quarter increased 39.3 percent to 1.305 billion kroner, it added.

However, net profit dropped to 383 million kroner, down from 704 million kroner year-on-year, which was negatively impacted by additional tax expenses and finance costs of 385 million kroner, the company said.

Primarily as a consequence of exchange rate changes, Pandora has decided to increase its full year turnover target from more than 14 billion kroner to more than 15 billion kroner, while the EBITDA margin expectation remains unchanged at about 37 percent.

Moreover, Pandora plans to continue to expand the store network and now expects to open more than 325 new concept stores in 2015 versus previously expected more than 300.

Pandora is present in more than 80 countries all over the world with 10,000 distributors, including more than 1,300 concept stores. (1 U.S. dollars = 6.63 Danish kroner) Endit