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FinancialsFeb 18, 2015
Pandora records best quarter ever in the US
Sales of rings and the introduction of Disney jewelry at its concept stores helped boost the brand’s revenues in the fourth quarter.
These “Believe” bangles are from Pandora’s new Disney line, which was rolled out to concept stores in November and is supposed to hit select franchisees sometime in 2015. The Disney jewelry has been “well received,” Pandora said.
Copenhagen, Denmark--The fourth quarter turned out to be a record-breaker in the United States for Pandora, thanks to strong sales of rings and the introduction of Disney jewelry at its concept stores in November.
According to results released by the Copenhagen-based company earlier this week, U.S. revenue reached $166.4 million in the fourth quarter, an increase of 30 percent (20 percent in local currency) year-over-year. Approximately $7.6 million of that is attributable to the conversion of wholesale revenue to retail revenue with the purchase of the stores once operated by Hannoush Jewelers. There were 27 stores in total; Pandora now operates 22 of them and sold the remaining five to Ben Bridge Jeweler.
Pandora said $166.4 million is its highest quarterly revenue ever for the U.S., driven by opening more stores and a 5 percent increase in same-store sales at its existing concept locations. The company opened 38 new concept stores in 2014, bringing its U.S. total to 315.
All major U.S. regions recorded high single-digit increases in same-store sales during the quarter, except the Northeast--the same area where Pandora purchased the stores from Hannoush and has said it is “refreshing the network.” Comps in that area of the country fell.
Category-wise, Pandora said its focus on rings continues to support growth in the market, with revenue in this category increasing “significantly” from the third to the fourth quarter. It also noted that the Disney collection launched in November in North America and has been “well received” by both retailers and consumers.
For the full fiscal year, Pandora’s U.S. revenue grew 13 percent.
In Canada and Latin America, revenue nearly doubled during the fourth quarter due to strong sales in Canada, where rings also proved popular, and the brand’s move to now include sales from Brazil under Other Americas (previously, they were recognized under Other Europe.) For the full year, revenue was up 39 percent (46 percent in local currency.)
The company’s release of its fourth quarter and fiscal year results comes a week after National Jeweler learned that the company had laid off 70 employees in the Americas, a portion of which it said it will hire back into different roles. A company spokeswoman in the U.S. said the layoffs were not the result of orders from Copenhagen but rather a desire to streamline its visual merchandising operations.
Globally, Pandora recorded a 33 percent
year-over-year increase in revenue in 2014, reaching $1.82 million as compared with $1.38 million in the prior fiscal year. Gross margin increased from 66.6 percent to 70.5 percent. Reported net profit also climbed, increasing 40 percent to $472.8 million.
Remarking on the company’s results, CEO Allan Leighton said it was the company’s strongest fourth quarter ever and resulted in 2014 as a whole being a “very successful year for Pandora.” Revenue from charms and bracelets increased more than 25 percent and revenue from rings topped 1 billion Danish krone (about $153 million.)
He also noted that the company continues to focus on opening more company-owned and -operated concept stores. Pandora opened concept store No. 1,400 during the fiscal year.
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