Pandora has upped its full-year growth outlook as sales at the jewellery retailer rose in its ambitious bid to become a “full jewellery house”.
Pandora posted a 15% increase in revenue for the second quarter to 2024 to DKK6.77bn (Danish kroner/ £744m), driven by an 8% growth in like-for-like sales.
Operating profit for the quarter was also up from DKK1.18bn (£130m) last year to reach DKK1.34bn (£150m).
Like-for-like growth in Pandora’s key European markets “remained solid” at 10%, while the jewellery retailer also said growth in the US was “robust” at 5%.
The rest of Pandora’s markets also posted double-digit growth for the period at 13%.
Pandora said it continued to invest across its value chain during the period to prioritise and drive “brand desirability” and push Pandora towards its bid of becoming a “full jewellery brand”.
In terms of outlook, Pandora has upped its full-year growth guidance to between 9% and 12% compared with the earlier guidance of 8% to 10%.
The jewellery retailer’s EBIT margin guidance for the year remains the same at around 25% and it added that trading so far in the third quarter “remains healthy”.
Pandora president and chief executive Alexander Lacik said: “Our strategy continues to take Pandora to new heights despite general consumer spending being somewhat sluggish. We have successfully started the journey to make Pandora known as a full jewellery brand, and our results show that consumers like what they see.
“Thanks to our strong performance, we are again raising revenue guidance for 2024 and look to the second half of the year with optimism.”
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