Pandora has announced that sales have exceeded its original forecast, with full year revenues of 9bn Danish kroner (£1bn) for 2013.The company originally predicted sales of 8.6bn kroner (£959 million), but puts the surprise results down to a better-than-expected holiday period and a string of store openings in the latter half of the year.
Reports suggest Pandora’s profits were also higher than expected. Initial predictions which put its margin of earnings before interest, tax, depreciation and amortisation (EBITDA) at 30 per cent of revenue were beaten by a final margin reaching 32 per cent.
In a regional breakdown, the firm saw increased revenue across the board: all regions showed growth in the fourth quarter of the year, with like-for-like sales in Concept stores in the UK up 17.9 per cent. Pandora opened 205 concept stores in 2013, 10 more than previously suggested.
The news came as British company Hot Diamonds revealed plans to open own-brand stores in the UK, incorporating jewellers on a franchise basis, and joining the trend of recent years for partnering with traditional retailers to build brand recognition, before opening separate premises.
Adryan Cresswell, head of commerce for Hot Diamonds, said: “We feel the time is right to work with our loyal retail partners to launch dedicated stores encompassing our classic jewellery collections, the rapidly expanding Emozioni collection and our Diamond Life charms proposition.”Image: Spi3Opule