Pandora Climbs Most in Three Months on Surge in Annual Salesby
Danish jeweler posts double-digit fourth-quarter growth
Shares touch record after better-than-expected Christmas sales
Pandora A/S rose the most in more than three months after the Danish jeweler reported a 40 percent gain in annual revenue that beat analysts’ expectations, helped by a strong Christmas season.
The shares climbed as much as 4.4 percent to a record 898.5 kroner in Copenhagen on Thursday, pushing the company’s market value to 108.2 billion kroner ($16 billion). The stock rallied 73 percent in 2015.
Revenue reached 16.7 billion Danish kroner in 2015, the Glostrup, Denmark-based company said late Wednesday. Analysts expected 16.2 billion kroner, according to the average of 13 estimates compiled by Bloomberg. Chief Executive Officer Anders Colding Friis said in November U.S. sales growth would get a boost as the Danish jeweler added online shopping there for the first time over the holiday season.
The sales figure show Pandora’s “very strong brand momentum and robust execution,” Chiara Battistini, an analyst at JPMorgan Cazenove, wrote in a note to investors. She said Pandora’s fourth-quarter revenue rose about 36 percent on an organic basis, compared to her estimate of 24 percent.
Pandora is scheduled to report earnings on Feb. 9. Management is giving a presentation to investors and analysts in Thailand today on its business in Asia.