Charm manufacturer Pandora Group announced that its sales in the U.S. have increased some 55 percent over the last year.
“It continues to be encouraging growth in our largest market [the United States],” said CEO Allen Leighton in a conference call following the release of its financial results, “especially when growth is mainly driven by the newer product launches.”
Leighton said his company is planning to introduce what he called “a new bracelet concept.” But he said he was “slightly disappointed” with the company’s ring business this quarter.
“One of our strategic projects is very much the development of rings,” he said, noting the ring business “still does incredibly well in some markets and not in others. It has a particularly low share in the U.S., and that is something [we] are really thinking about to drive for next year.”
The company overall reported increased sales and profits in its second quarter, with most of its major markets showing an uptick.
Group revenue was 1.931 billion Danish krone ($342 million U.S.), an increase of 53 percent from the second quarter of last year. Net profit for the quarter was DKK 483 million ($86 million), compared to DKK 63 million the prior year.
The company expects 2013 revenue to hit DKK 8 billion ($1.42 billion). The group also expects to open 170 concept stores.
Highlights of Pandora’s financial statement for the second quarter:
Revenue for the Americas: Up 52.1 percent (54.3 percent in local currency)
Revenues in Europe: Up 59.3 percent (59.8 percent in local currency)
Revenues in Asia Pacific: Up 43.5 percent (42.4 percent in local currency)
Gross margin: Down to 66.0 percent (compared to 67.9 percent last year)
EBITDA: Up 140.9 percent to DKK 530 million ($94 million)