Pandora's results exceed sales and profit forecast

Jewellery brand Pandora reported fourth quarter organic growth of 12 percent, boosted by like-for-like (LFL) growth of 9 percent.

With the preliminary and unaudited results exceeding the previously announced guidance, Pandora said, full-year organic growth reached 8 percent, above the previously communicated guidance of 5 percent to 6 percent and the EBIT margin landed at 25 percent, in line with the company’s guidance of around 25 percent.

Commenting on the trading performance, Alexander Lacik, president and CEO of Pandora, said: “We are very pleased with our results across the peak trading season, and how we closed 2023. It’s clear that our brand resonates well with consumers and continues to gain strength.”

The company said in a statement that the continued brand momentum drove strong performance across the key trading events of Black Friday and Christmas.

Key markets in Europe saw 5 percent growth, US accelerated by 10 percent and Rest of Pandora continued strong double-digit growth at 16 percent.

The brand witnessed strong LFL growth across collections with Moments and Pandora ME delivering 4 percent and 6 percent growth, respectively. Timeless posted 31 percent increase and Pandora lab-grown diamonds jumped 83 percent.

The company added that preliminary and unaudited EBIT margin for the quarter was 34 percent, up 1.5pp.