Pandora grows in first quarter 2014

The Group's turnover Danish Pandora in the first quarter 2014 was equal to 2.592 DKK million (about 348 million), with increased 29,5% (of 34,0% in local currency) compared to the first quarter 2013.
This success is the result of positive results in all geographic areas: the Americas grew by 10,7% (16,2% in local currency), Europe 49,2% (48,3% in local currency) e l'area of ​​Asia Pacific 54,3% (71,9% in local currency).
The gross margin has reached 69,1% in the first quarter 2014, compared to 65,6% the same period of 2013.
EBITDA has reported a growth of 45,7%, reaching a value of 937 DKK million in the quarter (about 126 million), corresponding to a margin of 36,1% (increase compared to the 32,1% the first quarter of 2013).
EBIT for the quarter was equal to 887 DKK million (about 119 million), with increased 48,1%, corresponding to an EBIT margin of 34,2%, compared to 29,9% in the first quarter of last year.
The net profit generated by the Group for the quarter was 704 DKK million (about 95 million), compared to 438 million (about 59 million) the first quarter of 2013.
The cash flow was 1.049 DKK million in the first quarter 2014 (about 141 million, including a new overtime pay VAT in Germany for a value of 259 DKK million, approximately 35 million) compared to 406 DKK million (about 55 million) the same quarter of 2013.
In the first quarter 2014, PANDORA has reacquired ownership of 902.530 shares for a total of 317 DKK million (about 43 million) as part of the share buyback program in progress for a total value of 2,4 billion DKK (about 322 million).
FINANCIAL GUIDANCE FOR 2014
After the good start of the 2014, PANDORA has decided to revise upwards the guidance by estimating at least 10,5 billion DKK (about 1,4 billion). The previous guidance was estimated at least 10 billion DKK (about 1,3 billion). The expectations for EBITDA margin remain unchanged: is expected to be approximately 35%.
Courtesy Translation – PANDORA Company Announcement No. 165
MY 2014 New guidance FY 2014 actual
Revenue, USD trillion > 10.5 9.0 EBITDA margin approx. 35% 32.0% CAPEX, DKK million approx. 550 490 Effective tax rate approx. 20% 19%
PANDORA will continue to expand its retail network and estimate the opening of at least 225 New Concept Store in 2014, compared with more than 175 previously expected.
Allan Leighton, CEO of PANDORA, commented on the results: "We are pleased to note that the positive trend continues in the 2014, with a revenue growth of 30% in the first quarter. All geographical areas have increased by double-digit percentages, mainly driven by strong growth in like-for-like, positively influenced by the success of our new collections and re-orders as a result of a very satisfying Christmas period. The increase in guidance reflects the performance of the first quarter, but also reflects the expectation of the absolute levels of more moderate growth for the rest of the year ".