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FinancialsAug 08, 2017
In US, Declining Mall Traffic Continues to Ding Pandora
Second-quarter sales were down 2 percent in the United States, due in part to a 5 percent drop in mall traffic.
Copenhagen, Denmark--Pandora reported Tuesday that sales in the United States, its largest market worldwide, were down slightly in the second quarter.
Year-over-year, Q2 sales in the United States slipped 2 percent in local currency.
Pandora said the retail environment in the U.S. remained “challenging” amid the continuing decline in mall traffic, though it did record an 8 percent increase in like-for-like sales at its concept stores and online due to more effective promotions, improved in-store execution and an increase in the number of transactions.
The company said: “Pandora’s U.S. store network is located predominately in high-quality malls less affected by declines in footfall, but additional measures are being taken to proactively improve the store network where needed,” adding that it is scouting locations for 100 new concept stores in higher-end malls, on high streets and in lifestyle centers.
As of the second quarter 2017, Pandora had 359 concept stores in the U.S., compared with 349 in the first quarter and 335 in the same period last year.
Globally, Pandora saw revenue increase 12 percent to DKK 4.83 billion ($767 million).
Net profit for the period totaled DKK 1.10 billion ($174.7 million), down from DKK 1.22 billion ($193.8 million) in the same period last year.
Sales of rings, earrings, pendants and necklaces were up 23 percent and accounted for nearly a quarter of the company’s total revenue. Revenue from charms increased 6 percent and bracelets were up 19 percent.
Pandora said it is maintaining its full-year guidance of DKK 23-24 billion ($3.65-$3.81 billion) in sales for the year.
It also plans to open more than 300 concept stores worldwide (up from its previous goal of 275). Of those, 25 percent, or about 75 stores, will open in the Americas.
Half of all concept stores opened will be owned by Pandora, while 25 percent will be operated by franchisees. Third-party distributors will open the remaining 25 percent.
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