There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
Following strong Q1, Pandora raises guidance
Pandora experienced a 30 percent jump in sales in the first quarter and is continuing to shift its focus away from independent retailers as it opens more and more concept stores.
Copenhagen, Denmark--Pandora experienced a 30 percent jump in sales in the first quarter and is continuing to shift its focus away from independent retailers as it opens more and more concept stores.
In its interim report issued Tuesday, Pandora cited the new products it introduced in the first quarter for Valentine’s Day and Mother’s Day as being one of the key drivers to sales.
The company also noted that while growth was strong globally, sales in the United States were not one of the key drivers.
First quarter sales of Pandora in the U.S. grew 9 percent in local currency terms, as compared with local currency growth rates of 52 percent in the United Kingdom, 42 percent in the Americas outside of the U.S. and 72 percent in the Asia Pacific region.
Total global sales for Pandora were up 30 percent (34 percent in local currency) year-over-year in the first quarter to $476.1 million. The company said there has been a “positive reception” to its Valentine’s Day, Spring and Mother’s Day collections, all of which were released in the first quarter.
Gross margin rose from 65.6 percent to 69. 1 percent. Net profit for the quarter was $129.3 million compared with $80.5 million in the prior-year period, a 61 percent increase.
The Copenhagen-based bead-maker now says it expects revenue for fiscal year 2014 to reach $1.93 billion, up from its previous forecast of $1.84 billion. Pandora’s fiscal year 2013 revenue totaled $1.65 billion.
The company also said that it expects to open 50 more concept stores than originally planned this year, a total of 225 up from 175.
“We are pleased to see that the strong momentum has continued into 2014 … All regions increased double-digit percentages, primarily driven by strong like-for-like growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period,” Pandora CEO Allan Leighton said. “Our upgraded revenue guidance reflects this quarter’s performance but also the expectancy that the absolute levels of growth moderate for the rest of the year.”
The Latest
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.