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FinancialsFeb 10, 2016
Pandora Drops 183 More Retailers in the Americas
The fourth-quarter cut brings the year-end total to 529 unbranded doors closed in the Americas, most of which were located in the United States.
Pandora had “another great year,” CEO Anders Colding Friis said Tuesday when the company announced its financial results for 2015. The Danish bead brand saw global sales grow 40 percent.
Copenhagen, Denmark--Pandora announced Tuesday that it cut distribution to 183 silver, white, and travel-level retailers in the Americas in the fourth quarter, most of which were located in the United States.
The 183 retailers cut from the company’s distribution network in the fourth quarter follows cuts of 105, 125 and 116 made in the first, second and third quarters, respectively, and brings the year-end total to 529 “unbranded” doors closed.
That equals nearly 38 percent of Pandora’s entire network of unbranded retailers in the Americas. Pandora had 1,402 when 2015 started; by Q4, that number was down to 873.
Pandora’s continued closing of silver, white and travel-level retailers in the Americas is part of its overall strategy to increase distribution worldwide to shop-in-shops, gold level retailers and its concept stores, what it refers to as the “branded” portion of its distribution network.
CEO Anders Colding Friis said Tuesday that Pandora opened almost 400 concept stores worldwide in 2015, which was “another great year” for the company.
Globally, Pandora saw its sales increase 40 percent (29 percent in local currency) year-over-year, reaching $2.52 billion. This included a 34 percent (17 percent in local currency) increase in fourth quarter revenue in the U.S., driven by network expansion, including its new online store, regional like-for-like growth rates and strong Christmas sales.
Revenue from concept stores accounted for more than half (62 percent) of Pandora’s total sales for the year, and increased 54 percent when compared with 2014.
Gross margin rose from 70.5 percent to 72.9 percent while net profit increased 19 percent to $552.9 million.
In 2016, Pandora said it will continue to focus on its branded store network and plans to open more than 250 concept stores worldwide, roughly 20 percent (50) of which will be in the Americas.
In addition, Pandora already announced that it is partnering with Signet Jewelers Ltd. to build out Pandora shop-in-shops in more than 200 Jared the Galleria of Jewelry stores, a project that will begin this year.
The company also now sells online direct to consumers in the U.S.
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