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Pandora Sales +93% in 2010, Profits +86%

Revenue Jumps in Europe, Americas
Mar 18, 2011 12:55 PM   By Jeff Miller
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RAPAPORT... Pandora reported revenue of $1.3 billion (DKK 6.67 billion) for the fiscal year that ended December 31, 2010, representing a sales increase of 93 percent from 2009. Net profit rose 86 percent to $354.5 million (DKK 1.87 billion). The volume of sales grew by 39 percent.

Revenue from the Americas increased 87 percent and accounted for nearly 44 percent of total sales in 2010, whereas sales across Europe rose at stunning 137 percent and accounted for 43 percent of the total. Asia Pacific sales grew by 28 percent.

Sales of charms rose 83 percent in 2010 and silver and gold charm bracelets experienced a 50 percent increase in sales. Pandora's revenue from rings jumped 282 percent and sales of other jewelry items rose 185 percent.

Pandora's gross margin fell to 70.9 percent from  71.4 percent in 2009, primarily due to increase in commodity prices not being entirely offset by price increases, according to the company's financial statement.

For the financial year 2010, the board of directors proposes a dividend of 35 percent of profit for the year after tax, corresponding to 95-cents or DKK 5 per share

Mikkel Vendelin Olesen, Pandora's chief executive,  called 2010  a remarkable year. "While entering new markets that will contribute to our long-term development, we experienced strong growth in our existing markets and across all product categories.

''We increased branded sales and strengthened the awareness and perception of the Pandora brand among our target audience. And we successfully integrated new businesses into the group as well as new systems and procedures to prepare our organization for future growth. At the same time we listed the company on the stock exchange without losing momentum in our daily operations,'' Olesen said.

At the close of fiscal year on December 31, 2010, Pandora employed  4,985  worldwide and sold products  through 10,618 points of sale.

Pandora anticipates 2011 revenue to increase "no less than" 25 percent with  an EBITDA margin of minimum 40 percent. "We expect CAPEX to account for approximately 3 percent of total group revenue and the effective tax rate to be approximately 18 percent," according to the statement.

 

 

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Tags: americas, charms, Europe, Jeff Miller, Jewelry, Pandora, sales
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