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FinancialsMay 11, 2016
Pandora Cuts More Retailers, US Sales Up 13%
The bead and jewelry brand cut 55 of what it’s now classifying as “multi-branded” retailers in the first quarter.
A stack of Disney bracelets from Pandora. The bead brand saw sales at shop-in-shops drop 27 percent in the first quarter 2016, as they were up against tough comps from the initial Disney sell-in in Q1 2015.
Copenhagen, Denmark--Pandora has changed its financial reporting structure, though its overall objective remains the same: to pump up brand recognition by investing in concept stores and shop-in-shops while decreasing its presence in multi-brand jewelry stores.
Previously, Pandora classified its points of sale as “branded” and “unbranded.”
Branded stores were the concept stores, shop-in-shops and gold-level retailers--the multi-brand retailers with a “strong Pandora profile.”
The unbranded points of sale, meanwhile, were the silver, white and travel-level retailers. Silver and white retailers are those carrying a medium or limited assortment of Pandora jewelry, respectively. Between Q4 2014 and Q4 2015, Pandora pulled its jewelry from nearly 38 percent of such shops in the Americas.
Now, Pandora groups gold retailers in the same category as silver, white and travel-level retailers, classifying them all as “multi-branded” points of sale.
According to the jewelry company’s interim report for the first quarter 2016, released Tuesday, Pandora started the quarter with 1,838 multi-branded points of sale in the Americas and ended it with 1,783, a decrease of 55.
The company did not disclose how many of the 55 accounts closed were gold-level vs. silver-, white- or travel-level retailers.
Pandora’s decision to pull its jewelry from multi-brand stores is the continuation of a trend, though it does represent a slowdown in the pace of closures. Last year, Pandora closed accounts at 100 or more “unbranded” doors every quarter.
Sales-wise, the bead and jewelry brand saw U.S. revenue rise 13 percent year-over-year in the first quarter.
Sales in the Americas region as a whole also grew 13 percent (in local currency), from $240.8 million to $271.7 million.
The expansion of the network, including the addition of Pandora’s online store and the opening of new concept stores, drove revenue growth. Also helping was the initial sell-in to Jared the Galleria of Jewelry, which added $7.7 million to the bottom line. Pandora plans to build out shop-in-shops at more than 200 Jared stores this year.
Sales at Pandora’s shop-in-shops were down 27 percent year-over-year; the company said they were up against difficult comps from the first quarter last year, which included the initial sell-in of the Disney collection.
Sales at existing concept stores reversed their decline, rising 2 percent.
The Americas generated 37 percent of Pandora’s global revenue in Q1, down from 44 percent in the prior-year period.
Globally, Pandora recorded sales of $726.2 million, a 34
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percent increase over the first quarter 2015.
Gross margin increased from 71.1 percent to 74.6 percent, while net profit jumped from $58.7 million to $200.2 million, though Pandora noted that a $55.7 million tax expense and higher financial costs impacted first quarter net profit last year.
Commenting on the first quarter in a company release, Pandora CEO Anders Colding Friis said, “We have had a very strong start to the year, with all geographic regions, as well as all product categories, delivering double-digit growth rates. Revenue growth was driven by growth in our existing stores … as well as continued expansion of the concept store network across all regions.”
Gross margin increased from 71.1 percent to 74.6 percent, while net profit jumped from $58.7 million to $200.2 million, though Pandora noted that a $55.7 million tax expense and higher financial costs impacted first quarter net profit last year.
Commenting on the first quarter in a company release, Pandora CEO Anders Colding Friis said, “We have had a very strong start to the year, with all geographic regions, as well as all product categories, delivering double-digit growth rates. Revenue growth was driven by growth in our existing stores … as well as continued expansion of the concept store network across all regions.”
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