Pandora Posts Higher Q2 Profit, Lifts Full-Year Forecast

Danish jeweller Pandora A/S

reported a rise in its second-quarter profit and lifted its full-year forecast. The company's quarterly net profit surged to 662 million Danish kroner ($119 million), versus a year-ago profit of DKK431 million. Core earnings climbed to 893 million Danish crowns ($160 million), versus analysts' estimates of 786 million Danish crowns. Its revenue climbed 32% to DKK2.54 billion. Revenue in the Americas climbed 5.0%, while Europe revenue jumped 65.7%. Revenue in Asia Pacific climbed 57.0%. Its gross margin widened to 70.7% from 66.0%. During the quarter, Pandora bought back 1,744,863 own shares at a value of DKK 658 million. Pandora lifted its 2014 revenue forecast to more than 11 billion Danish crowns, versus 10.5 billion Danish crowns. Pandora now projects to open 275 stores in 2014, versus its earlier target of 225 stores. Pandora shares gained 3.21% to close at $16.96 yesterday.