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Danish jewelry maker Pandora posts strong rise in Q2 profit

Xinhua, August 10, 2016 Adjust font size:

Danish jewelry giant Pandora revealed Tuesday robust profit for the second quarter of 2016, backed by sales growth in all geographic regions.

"Growth in all regions continued into the second quarter ... All regions were supported by our continued focus on product diversification into rings and earrings," Pandora CEO Anders Colding Friis said in a press statement.

The group registered earnings before interest, tax, depreciation and amortisation of 1.609 billion Danish kroner (about 240 million U.S. dollars), up 23 percent from 1.311 billion kroner for the same period last year.

Revenue for the second quarter increased by 20 percent year-on-year to stand at 4.327 billion kroner, while net profit was 1.221 billion kroner against 910 million kroner for the same period last year, the company said in its interim financial report.

It added revenue from concept stores increased by 39 percent and corresponded to 63 percent of the total revenue.

According to Pandora, its best sales growth for Q2 was achieved in the Asia Pacific market with 43 percent hike, followed by Europe, the Middle East and Africa (EMEA) and Americas, where sales rose 28 percent and 5 percent respectively.

"EMEA and Asia Pacific maintained the strong momentum with double digit revenue growth, driven by positive double digit like-for-like growth and continued improvement of the store network," said Friis.

Pandora jewellery is sold in more than 100 countries through some 8,900 points of sale, including more than 1,900 concept stores. (1 U.S. dollar = 6.71 Danish kroner) Endit