- Pandora’s UK revenues climb 7% during second quarter
- UK performance accounts for a quarter of its growth in EMEA region
- “Strong momentum” comes as UK boss Peter Andersen prepares to step down
Danish jewellery retailer Pandora has posted a jump in second quarter UK sales as the boss of its British arm prepares to step down.
Pandora’s UK revenues climbed 7% during the second quarter of 2016, driven by the opening of seven new concept stores, which took its portfolio in Britain to 209.
But UK managing director Peter Andersen, who has spearheaded Pandora’s growth on these shores, will exit the retailer later this year.
Andersen said: “These are another set of fantastic results which we are all incredibly proud of – to be a presence in every major UK town and city is a phenomenal achievement.
“After eight years at Pandora, it has been both challenging and immensely rewarding, watching the brand grow and resonate so well with women of all ages.
“I am delighted with the progress the brand has made in the UK, in particular in such a competitive industry and on what is widely considered a tough high street to crack.”
Pandora’s group sales jumped 20% year on year to DKr4.3bn (£490m) during the quarter.
The jewellery retailer’s EBITDA advanced 23% to DKr1.6bn (£180m).
Pandora hailed “strong momentum” in Europe, the Middle East and Africa (EMEA), where sales jumped 28%.
The retailer said performance in the UK contributed to about a quarter of total sales growth in the EMEA region.
Pandora’s Asia Pacific business was its strongest division, as sales spiked 43%, although revenues in the Americas grew at the slower rate of 5% during the quarter.