Pandora has announced “another record-breaking year” following the recent publishing of its 2015 financial report.
According to the report, Pandora’s income increased by approximately +40% to DKK16.7 million (US$2.52 million), with the company producing more than 100 million pieces of jewellery in 2015.
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Pandora is “one of the world’s most recognised jewellery brands”, according to Pandora President and Chief Executive Officer Anders Colding Friis and Pandora Chairman of the Board of Directors Peder Tuborgh |
The brand saw “significant growth” in all product categories in 2015, with a focus on rings contributing to a category revenue increase of +73%. The brand said it will focus on earrings in 2016.
According to the report, the “˜Pandora shopping experience’ was key to the brand’s success, along with a continued focus on branded sales which accounted for 89% of revenues. Gains were also made from the opening of approximately 400 new concept stores, including more than 70 in Germany.
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A focus on rings in 2015 contributed to a category revenue increase of +73%, according to the annual report | |
Group revenue in 2015 was DKK16,737 million (US$2,525 million) compared with DKK11,942 million (US$1,802 million) in 2014, an increase of +40.2% or +28.9% in local currency. The Americas posted a rise of +31.8% (+14.6% in local currency), growth in Europe increased by +42.3% (+37.1% increase in local currency), and Asia Pacific recorded a rise of +58.0% (+45.1% increase in local currency).
Gross margin was 72.9% in 2015, up +2.4% on 2014. EBITDA increased by +44.7% in 2015, corresponding to an EBITDA margin of 37.1% in 2014. EBIT grew by +42.8% and net profit increased by +18.6% to DKK3,674 million (US$554,430) in 2015, compared with a net profit of DKK3,098 million (US$467,458) in 2014.
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A go-to-market strategy included seven product launches, and the introduction of 446 new products. Pandora extended its collaboration with the Walt Disney Company to introduce the Pandora Disney Collection in 13 markets across the Asia Pacific region, and in May launched the Pandora Rose product range in the UK.
In a joint statement Pandora President and Chief Executive Officer Anders Colding Friis and Pandora Chairman of the Board of Directors Peder Tuborgh said seven out of ten women around the world in a defined target group recognise the Pandora brand.
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Friis commented: “2015, another great year for Pandora, has come to an end. A strong top-line development added almost DKK5 billion (US$652.6 million) to our revenue, which was broadly distributed between geographic regions and product groups, all delivering double-digit growth rates. Our focus on the branded store network continued and during the year we added almost 400 new concept stores globally. The strong top-line development was also reflected in our EBITDA, which increased more than +40%.”
In 2016, Pandora said it will again focus on driving like-for-like growth in existing stores, and expanding the store network in newer as well as in more penetrated markets. The company expects to add more than 250 new concept stores during the year, with 60% to be opened in the Europe region, 20% in Americas and 20% in Asia Pacific.
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