Pandora raises 2016 outlook on strong Q1 result

Danish jewelry maker Pandora raised its financial predictions for 2016 on Tuesday, based on a strong first quarter result backed by sales growth in all regions.

Group revenue totaled 4.74 billion Danish kroner (73 million U.S. dollars) for the first quarter, up 34 percent as compared to the same period last year, the company said in its quarterly financial statement.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 35 percent year-on-year to 1.76 billion kroner.

All the group's geographic regions and product categories delivered double digit growth rate, Pandora said.

"Revenue growth was driven by growth in existing stores, especially in EMEA (Europe, the Middle East, and Africa) and Asia Pacific, as well as continued expansion of the concept store network across all regions," it added.

Pandora now expects sales for the full year 2016 to be "more than 20 billion kroner," up from a previously announced "more than 19 billion kroner."

Furthermore, EBITDA margin guidance has been increased from more than 37 percent to more than 38 percent.

The company plans to continue expanding the store network and now expects to add more than 275 new concept stores in 2016.

Pandora jewellery is sold in more than 100 countries through some 9,000 outlets, including around 1,800 concept stores. (1 U.S. dollar=6.53 Danish kroner)