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By Bloomberg

Pandora A/S, the Danish maker of charm bracelets, reported fourth-quarter profit that beat analysts’ estimates and forecast higher annual revenue, sending the shares rising the most in more than two years.

Sales will rise at least 18 percent to 14 billion kroner ($2.1 billion) in 2015, the Glostrup-based company said in a statement Tuesday, exceeding the average estimate of 13.8 billion kroner. Fourth-quarter net income gained 36 percent to 1.01 billion kroner, compared with the 979 million-kroner consensus estimate.

“It’s strong all over,” Jesper Christensen, an analyst at Alm. Brand A/S, said by phone, adding that the outlook is also better than anticipated.

The shares rose as much as 16 percent, the steepest intraday gain since November 2012. The stock gained more than two-thirds in value last year as its strategy to introduce new items more frequently and expand its branded retail network boosted demand. After leading the company to record sales, Chief Executive Officer Allan Leighton will be succeeded by Anders Colding Friis next month.

Pandora traded 14 percent higher at 521.5 kroner as of 9:50 a.m. in Copenhagen.

Products put on sale within the last 12 months -- such as a jewelry collection featuring Disney characters including Mickey and Minnie Mouse -- made up about 50 percent of fourth-quarter sales.

The margin on earnings before interest, taxes, depreciation and amortization is estimated to widen to about 37 percent of sales from 36 percent this year. Pandora plans to add more than 300 new concept outlets during the year and also said it will accelerate its store rollout in China.

The jeweler also today announced a new share buyback program for as much as 3.9 billion kroner, an increase of 63 percent compared to last year’s program.