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FinancialsAug 10, 2015
Pandora pulls its jewelry from more retailers
The Danish bead and jewelry brand said Tuesday that it closed a total of 125 accounts in the Americas region in the second quarter, almost all of them located in the United States.
Copenhagen, Denmark--Pandora A/S pulled its jewelry from the showcases of 125 silver-, white- and travel-level retailers in the Americas in the second quarter, almost all of them located in the United States.
According to figures released Tuesday when it reported its second quarter earnings, Pandora now has 932 silver retailers and 240 white/travel retailers in the Americas, down from 1,023 silver and 240 white/travel in the first quarter. Pandora refers to these types of retailers as “unbranded” stores.
Meanwhile, the Danish bead and jewelry brand opened 23 new concept stores in the Americas and accounts at 39 new gold-level retailers, while closing eight shop-in-shops, for a net total of 54 new “branded” points of sale in the region.
Pandora’s opening of more branded points of sale--meaning concept stores, shop-in-shops and gold-level retailers--while shuttering accounts at retailers that carry a smaller assortment of goods is a continuation of its strategy to “develop the branded store network.” In the first quarter, the company shuttered the accounts of 105 “underperforming, unbranded” stores.
Sales-wise, revenue in the second quarter in the U.S. was up 42 percent (14 percent in local currency), from $122.2 million to $173.6 million. It was driven in part by the launch of Pandora’s online store as well as the addition of the 22 stores once owned by Hannoush Jewelers to Pandora’s fleet of company-owned and -operated stores.
Same-store sales at U.S. concept stores increased 8 percent during the quarter. Sales in the Northeast region declined slightly but grew by high single-digits elsewhere in the country.
For the Americas as a whole, sales increased 44 percent (19 percent in local currency) due to “positive development” in Pandora’s main markets, the U.S., Canada and Brazil.
Pandora said high demand for the Disney collection, which launched in North America in November, continued to support growth. Shop-in-shops and gold-level retailers started carrying the Disney jewelry during the second quarter.
Globally, the company reported a 41 percent year-over-year increase in sales (26 percent in local currency) in the second quarter, with CEO Anders Colding Friis noting that the company had “yet another strong quarter.”
Gross margin rose from 70.7 percent to 71.5 percent. Net profit for the quarter was $134.9 million, compared with $98.1 million in the second quarter 2014.
The company has raised its guidance for the fiscal year and said Tuesday it now plans to open more than 375
concept stores worldwide in 2015, up from more than 325.
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