Pandora says Christmas sales beat expectations
January 17, 2014
Copenhagen, Denmark--Preliminary results released by Pandora Friday indicate that 2013 sales for the Danish bead brand will be up 35 percent year-over-year due in part to a better-than-expected holiday.
The Copenhagen-based company said that preliminary revenue for the fourth quarter was about $508.1 million, up 30 percent as compared with the fourth quarter 2012.
The company said that all regions contributed to the results with “strong growth,” though the same-store sales increase in the United States was not as high as in other parts of the world.
U.S. concept store comps in the fourth quarter increased 5 percent compared with increases of 6 percent in Germany, 18 percent in the United Kingdom and 26 percent in Australia.
Pandora’s sales for the full year reached $1.63 billion, beating Pandora’s expectations of $1.56 billion. Gross margin was 67 percent for the year, flat as compared with 2012.
“Revenue exceeded the previous financial guidance primarily due to better holiday sales in the fourth quarter as well as more than expected concept store openings toward the end of the year,” the company said. Pandora opened 205 concept stores during the year, up from its expectation of 195 openings.
The brand’s CEO, Allan Leighton, said the company expects to finish the year with a substantial increase in profitability as well.
Pandora will release full results for 2013 on Feb. 18.