Pandora Second-Quarter Profit Beat Estimates as Sales Surge
Pandora A/S (PNDORA), a Danish maker of bracelets and charms, reported second-quarter income that exceeded analyst estimates as revenue surged in all its major markets driven by sales of new products.
Net income rose to 431 million kroner ($77 million) from 63 million kroner for the same period a year earlier, the Glostrup, Denmark-based company said in a statement today. The average estimate in a Bloomberg survey of analysts was 374 million kroner. Sales rose 53 percent to 1.93 billion kroner, beating the 1.85 billion kroner that analysts estimated. Pandora last month hiked its full-year forecast after revenue rose in the first half of the year following a product revamp. The jewelry maker reiterated it anticipates sales of around 8 billion kroner for 2013 and expects to open about 175 of its so-called concept stores this year.
“Although there are still many areas in which we can improve, we are pleased with our progress,” Chief Executive Officer Allan Leighton, who started his job July 1 after previously being the company’s chairman, said in the statement.
Pandora shares have advanced 75 percent so far this year on improved profit as the jewelry maker cut prices and replaced unwanted products after a collapse of demand two years ago.
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