Jewellery retailer Pandora has posted a “strong end to 2023” as sales during the golden quarter exceeded expectations and growth for the full year landed above guidance.
Pandora posted a 12% increase in revenue year on year to reach Danish krone (DKK) 10.8bn (£1.25bn) in its fourth quarter, with like-for-like sales also up 9%.
Like-for-like growth in key Europe markets “remained solid” at 5%, while the US market increased to 10% and the rest of its business continued to post strong double-digit growth at 16%.
EBIT for the period reached DKK3.7bn (£430m), while EBIT margins were 34% for the quarter and “in line” with the retailer’s guidance for the full year.
Pandora hailed its “continued brand momentum”, which boosted its “strong” performance across the golden quarter, and noted the success of its Moments and Pandora ME collections, which reported growth of 4% and 6% respectively.
It noted that full-year organic growth for the 2023 financial year reached 8%, which was above its guidance of between 5% and 6%.
EBIT margin for the full year also remained “in line” with the guidance as it reached 25%.
Pandora chief executive and president Alexander Lacik 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 success in 2023 is also testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level.”
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