Pandora Group’s revenue for Q2 2017 reached DKK 4,825 million rising by 12% (12% in local currency) over revenue earned in the same period of the previous year.

While revenue from Pandora-owned retail outlets rose by 36% (37% in local currency), the Company reported that like-for-like sales-out growth for Pandora-owned concept stores was 10%.

The Company also reported a 10% (13% in local currency) increase of revenue from EMEA “driven by growth in all main markets”.

By region, Pandora’s revenue from the Americas increased 1% (-1% in local currency). “Like-for-like sales-out growth in the US was 8% driven by more effective promotions and improved in-store execution,” Pandora said.

The Company’s revenue in Asia Pacific rose 35% (34% in local currency) “driven by strong sales performances in Australia and China”.

Pandora said it was aiming to become a “full jewellery” brand – and with some success. The Group’s total revenue from rings, earrings, necklaces & pendants, combined, increased by 23%; with the three categories representing 23% of Group revenue. Revenue from charms increased 6% and revenue from bracelets rose by 19%.

The Pandora Group declared a gross margin of 73.9% for the period as compared to 75.3% in Q2 2016. This was impacted by headwinds from currency fluctuations, the Company indicated.

The Group’s EBITDA was DKK 1,611 million in Q2 2017, with an EBITDA margin of 33.4% (Q2 2016: 37.2%). This quarter’s EBITDA margin was impacted by higher administrative costs, the Company reported. The Group’s free cash flow stood at DKK 556 million in Q2 2017 as compared to DKK 576 million in Q2 2016.

“DKK 1,449 million returned to shareholders in Q2 2017 via quarterly dividend of DKK 9 per share and share buy-back of DKK 446 million,” Pandora said.  “Related to the Q2 2017 results, Pandora will pay out a quarterly dividend of DKK 9 per share to shareholders (corresponding to DKK 1,000 million.”

Maintaining its financial guidance for FY 2017, the Company reiterated that it expects a revenue of DKK 23-24 billion and EBITDA margin of approximately 38%.

Commenting on the results, Anders Colding Friis, CEO of Pandora, said: “We are pleased with the results for the second quarter delivering double digit top-line growth and continued healthy profitability. Markets like China, Italy, the UK, and Australia performed well, reflecting the significant growth potential for our product offering in both our newer and more developed markets. We also continue to make strides in improving the quality of our global store network and added net 70 new concept stores during the quarter.”

He added: “The retail environment in the US remains challenging, however, our strategy has delivered a solid improvement in the performance of the concept store network. Additionally, we are rolling out a number of initiatives to strengthen our US business even further.”