In a strong indication that jewelry demand worldwide is growing strongly, Pandora reported soaring revenues and profits for the first quarter. Consequently, it raised its revenue guidance as sales soared in Europe and Asia Pacific. Revenue surged 34 percent to $725 million while profit rocketed more than threefold to almost $200 million. Pandora expects revenue in excess of $3 billion this year which would be a 19-percent increase on 2015 from a year ago.
Revenues from Europe, the Middle East and Africa jumped 47 percent with sales in Italy and France surging around 70 percent. Revenue from the Asia-Pacific region jumped grew 58 percent. Pandora’s U.S. revenue in the first quarter jumped 13 percent to nearly $210 million. Pandora opened 405 concept stores around the world in the past year, including 50 new stores in the January to March quarter alone. The expansion of the concept-store network comes after Pandora closed 1,422 unbranded stores last year.