For the first time in a while, the company did not mention how many unbranded accounts it had closed
Pandora’s U.S. revenue in the first quarter jumped 13 percent to hit 1.37 billion krone (about $210 million).
The increase was primarily driven by revenue from local concept stores, which increased 37 percent, and growing sales at its fledging eStore. On a conference call following the release of its financial results, CEO Anders Colding Friis did not see online as cannibalizing other parts of the business.
“Online, as we see it, is not a direct competitor to retail stores,” he said. “We think and believe that the channels go hand in hand and actually support each other.”
He also noted that comps for its concept stores in the Northeast have finally turned a corner after several quarters of declining sales. Overall U.S. comps increased 2 percent. Revenue was also by helped by a one-off sale to Jared ahead of that chain upgrading to shop-in-shops.
This was the first quarter in a long time in which company officials did not talk about how many unbranded accounts they had closed. According to figures it provided, the company has 55 less multi-brand stores in the Americas region in the first quarter of 2016 compared to the final quarter of 2015. It has also shed 388 multi-brand stores over the past year.