Underlying sales in the UK rose by over 20.6 per cent for Pandora in its third quarter, as the Danish jewellery brand went from strength to strength in the run-up to the all-important peak trading period.
Sales of rings grew 50 per cent, as the jeweller continued to broaden its focus from the charm bracelets it originally became well-known for- although sales of these still rose 22 per cent globally.
Pandora opened 37 more stores in the UK for the quarter, launching 101 stores in total across Europe, bringing the jewellers’ total number of stores to 2,735. Group revenue rose £300 million over the quarter, with operating profit up by 33.8 per cent to £107 million.
Speaking in light of the results, chief executive Allan Leighton said: “We are pleased with another strong performance, with our highest revenue and EBITDA in any quarter to date. All regions continued to perform well, driven by expansion of the store network, improving store execution, and continuously relevant products. In addition, the result of our focus on rings is particularly pleasing, with revenue for the category almost doubling in the quarter.”
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