Pandora Jewelry reported revenue growth of 31.7% year-on-year to $ 456 million (DKK 2,544 billion) following the second fiscal quarter ended June 30. Gross margin as a percentage of sales improved to 70.7% compared to 66% for the same period last year, reports Rapaport. The brand's profit jumped 53.6% to $ 119 million (DKK 662 million).
By regions and when calculating in local currencies, the company's revenue growth in the US was 8.3%, and in all other countries of the American continent - 22.7%. Sales in the United Kingdom jumped by 53.2%, in Germany - by 12.6%, in all other European countries - by 82.1%. Pandora's sales in Australia grew by 38.4%, while in other countries belonging to the Asia-Pacific division, sales revenue jumped by 157.4%.
Pandora CEO Alan Leighton said: "We have again achieved exceptionally successful results and made progress in all regions of activity. The growth was mainly provided by new markets in Europe and Asia. Sales went well in the UK and the USA. Impressive growth rates were observed for all product categories, but especially successful were the rings, whose sales for the past quarter grew by more than 200%.
Other categories, such as bracelets with pendants made of silver and gold, showed more modest growth, the report said Pandora.