Danish jewelry firm Pandora sees revenue hike in Q3

Danish jewelry giant Pandora saw a 37.5 percent hike in revenue for the third quarter of 2015, driven by sales growth in all geographic regions, the company said Tuesday.

Group revenue stood at 3.911 billion Danish kroner (560 million U.S. dollars) in the third quarter, compared to 2.893 billion kroner for the same period last year, it said in its interim financial report.

Revenue increased in all three major regions, and the biggest rise of 74.8 percent was registered in Asia Pacific, the company said.

It added that the U.S. region saw a slightly softer growth of 22.7 percent as compared to previous quarters primarily due to a change in promotion strategy in the region to further enhance the brand.

Net profit for the quarter was 1.006 billion kroner, up 38.8 percent from 725 million kroner year-on-year.

Pandora maintained its financial guidance for the full year 2015, saying it "continues to expect revenue of above 16 billion kroner."

Based on its results, Pandora plans to continue to expand the store network and expects to add more than 375 new concept shops in 2015.

Pandora is present in more than 90 countries with some 9,500 distributors, including approximately 1,600 concept stores. (1 U.S. dollars = 6.93 Danish kroner) Endit