Pandora A/S (PNDORA), the Danish maker of charm bracelets, reiterated its full-year forecasts after posting higher third-quarter profit than analysts estimated.
Net income for the three months ended Sept. 30 rose to 612 million kroner from 380 million kroner a year earlier, the Glostrup, Denmark-based company said in a statement today. The average analyst estimate compiled by Bloomberg was for profit of 576 million kroner.
“The overall growth continues to be driven by an increasing demand for Pandora’s products launched in the last 12 months,” Chief Executive Officer Allan Leighton said in the statement, adding that store openings added to the growth.
Pandora, which last month raised its full-year forecasts, has seen its shares more than double this year as more frequent product introductions boost earnings. The jeweler now comes out with new collections seven times a year instead of twice previously. For Christmas, its offering includes a candy-cane charm priced at 30 pounds ($48) in the U.K.
The Danish company reiterated today that it anticipates 2013 revenue of about 8.6 billion kroner ($1.5 billion) and a margin on earnings before interest, taxes, depreciation and amortization of about 30 percent. The jeweler also repeated it expects to open about 195 Pandora-branded stores this year.
Third-quarter revenue was 2.3 billion kroner, up 26 percent from a year earlier.
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