Based on the preliminary results for 2013, PANDORA's revenue for the year was around DKK 9.0 billion (previously guided: approximately DKK 8.6 billion) and the EBITDA-margin was around 32% (previously guided: approximately 30%). Preliminary revenue for Q4 2013 was around DKK 2.8 billion, corresponding to an increase of approximately 30% (approximately 36% in local currency) compared to Q4 2012. EBITDA-margin for the quarter was around 33%.
Revenue exceeded the previous financial guidance primarily due to better holiday sales in the fourth quarter as well as more than expected Concept store openings towards the end of the year. In 2013, PANDORA opened a net total of 205 Concept stores versus previously expected 195 openings. Revenue in the fourth quarter increased on all geographies despite headwind from foreign exchange rates, with all regions contributing with strong growth.
The EBITDA-margin was higher than expected primarily due to the better than expected revenue in the fourth quarter.
PANDORA's CEO Allan Leighton said: "Following a strong finish to the year, with better than expected Christmas sales, we will end 2013 with around 35% revenue growth and a substantial increase in profitability compared to 2012."
Like-for-like sales-out in PANDORA's Concept stores in Q4 2013 continued to be good with US sales-out up 5.1%, UK up 17.9%, Germany up 5.7% and Australia up 25.5% compared to Q4 2012.
The gross margin for 2013 was around 67% (Q4 2013: around 68%) compared to 66.6% in 2012 and the OPEX ratio was around 37% for the year (Q4 2013: around 36%), compared to 44.4% for 2012.
CAPEX for the full year was around DKK 300 million versus guidance of approximately DKK 400 million. The lower than expected CAPEX for the year was due to a deferral of cost related to expansion of the production capacity in Thailand, into 2014. The CAPEX figure excludes the one-off payment of DKK 190 million related to the purchase of IP rights from Trollbeads A/S as well as the investment related to the acquisition of the distributor in Brazil.
The annual report 2013 will be released on 18 February 2014, where executive management will elaborate further on the results.
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 70 countries on six continents through approximately 10,300 points of sale, including approximately 1,000 Concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 7,300 people worldwide of whom 5,200 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2012, PANDORA's total revenue was DKK 6.7 billion (approximately EUR 900 million). For more information, please visit www.pandoragroup.com.
CONTACT
For further queries, please contact:
Morten Eismark
VP Group Investor Relations
Phone +45 3673 8213
Mobile +45 3045 6719