Pandora second-quarter profit jumps on new products
The company, known for its charm bracelets, reported strong sales growth in all of its three major regions, suggesting a new focus on what it calls "affordable luxury" is succeeding.
Its shares jumped 4 percent in Copenhagen on Tuesday.
"Sales out of newly established shops are the main driver behind the rising sales," Alm. Brand Markets analyst Jesper Christensen said. He said the numbers were flattered by a low base comparison with last year, when the company was in the midst of a turnaround plan.
Pandora had a strong stock market debut in 2010 but ran into trouble after a move into more expensive jewellery.
The company, which manufacturers its jewellery in Thailand and sells it in more than 70 countries, launched a new strategy to alter its product mix and focus on less expensive items.
Sales in the Americas leaped by 52 percent in the second quarter, while European sales rose by 59 percent and sales in Asia Pacific increased by 44 percent.
It reported a rise in second-quarter operating profit to 483 million Danish crowns ($86.07 million) from 173 million in the corresponding quarter a year ago, and confirmed revenue of 1.9 billion for the quarter.
It reiterated a forecast for full-year revenue of around 8 billion crowns and a full-year operating margin of around 27 percent.
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