Shares in Danish jewellery maker Pandora soared almost 17 per cent yesterday after full-year results showed a near 40 per cent increase to net profits, powered by strong US sales and new ring ranges.
The performance represents a turnround for the Denmark-listed company, famous for its charm bracelets, whose shares fell nearly 80 per cent in 2011 after a move away from affordable luxury into higher-end designs alienated its core customers. The group had to melt down unsold high-priced pieces, which it crafted into new, more affordable ranges.
However, the full-year results showed a record performance in the fourth quarter of 2014, highlighting the popularity of its new gift ranges.
Allan Leighton, the chief executive, said that annual sales of bracelets and charms rose 25 per cent year-on-year, while revenues from ring sales eclipsed 1bn Danish kroner (£100m) for the first time.
“The performance in the fourth quarter was our strongest ever and resulted in 2014 being a very successful year for Pandora,” Leighton said. “We increased our top line to record high levels, driven by strong growth.”