Danish jeweler Pandora has reported a 9% rise in revenue in the first quarter of year, compared with the corresponding period in 2016. Revenue totaled $754.67 million (DKK 5.16 billion), while pre-tax earnings rose 7% to $274.86 million, according to Gem Konnect.
Pandora’s jewelry brand Ambition increased 40% in revenue from rings, earrings and necklaces & pendants. Revenue from Pandora retail outlets increased 39% and represented 38% of group revenue. Revenue from Europe, the Middle East and Africa increased 5%. In Asia Pacific, revenue was up 44%, while revenue from the Americas decreased 5%. Pandora’s CEO Anders Colding Friis commented that “the retail climate in the US remains difficult, which was reflected in our performance in the US for the quarter”.
Pandora added that its guidance for the year remained unchanged – an estimated $3.36-$3.51 billion with a pre-tax earnings margin of 38%.
