Pandora reports annual revenue increase of 40%

Pandora rose the most in more than three months after the Danish jeweller reported a 40 per cent gain in annual revenue that beat analysts' expectations, helped by a strong Christmas season.

The shares climbed as much as 4.4 per cent to a record 898.5 kroner in Copenhagen on Thursday, pushing the company’s market value to DkK108.2 billion (€14.5 billion). The stock rallied 73 per cent in 2015.

Revenue reached DkK16.7 billion (€2.2 billion) in 2015, the company said late Wednesday. Analysts expected DkK16.2 billion, according to estimates compiled by Bloomberg.

Chief executive Anders Colding Friis said in November that US sales growth would get a boost as the Danish jeweller added online shopping there for the first time over the holiday season.

The sales figure show Pandora's "very strong brand momentum and robust execution," Chiara Battistini, an analyst at JPMorgan Cazenove, wrote in a note to investors.

She said Pandora’s fourth-quarter revenue rose about 36 per cent on an organic basis, compared to her estimate of 24 percent.

Pandora is scheduled to report earnings on February 9th.

– Bloomberg