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Pandora Q3 Revenue Up 18%

Jewellery giant Pandora reported an increase of 18 % in revenue in Q3 2016 to DKK 4,612 million compared with same period in 2015.

The company said that revenue increased across all regions, including 6 % in America, 18 % in Europe, Middle East and Africa (EMEA) and 46 % in Asia Pacific.

The revenue from concept store increased by 26% corresponding to 62% of revenue, like-for-like sales growth was 4%, driven by positive growth in EMEA and Asia Pacific, and a flat development in Americas (US like-for-like sales growth was 3%)

Pandora’s gross margin increased to 75.1% in Q3 2016, compared with 74.0% in Q3 2015, while EBITDA increased by 27% to DKK 1,842 million in Q3 2016, corresponding to an EBITDA margin of 39.9%, compared with 37.2% in Q3 2015.

The company said that its full year 2016 EBITDA margin guidance is changed to around 39% (from more than 38%).

The company’s net profit for the quarter was DKK 1,405 million, compared with DKK 1,006 million and the free cash flow increased to DKK 577 million, compared with DKK 263 million in Q3 2015.

In connection with the Q3 2016 results Anders Colding Friis, CEO of PANDORA, said, “Following a strong first half of 2016, PANDORA continued the positive momentum into Q3, with strong growth in particularly Southern Europe and Asia Pacific. Additionally, the US continued to deliver solid growth supported by positive like-for-like. The increase was driven  by double digit growth across all product categories supported by an attractive and relevant product offering. Finally, we improved profitability and increased the EBITDA-margin to 39.9% driven by operational leverage as well as lower realised commodity prices.”

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