Danish jewellery maker Pandora said on Sunday its revenue growth and earnings in 2023 had exceeded the group’s expectation, lifted by strong demand and “solid profitability” in the final months of the year.
The company, known for its bracelets and charms, said organic sales grew by 12% year-on-year in the October-December period, lifting annual growth to 8% and exceeding the company’s own full-year forecast of 5%-6% made in early November.
Prior to November, Pandora had forecast full-year organic sales growth of 2%-5%.
“Continued brand momentum drove strong performance across the key trading events of Black Friday and Christmas,” Pandora said in a statement presenting preliminary and unaudited results.
The company’s full-year operating profit margin stood at 25%, in line with its November guidance, after hitting 34% in the fourth quarter.
“It’s clear that our brand resonates well with consumers and continues to gain strength,” Pandora CEO Alexander Lacik said in the statement.
Revenue in the fourth quarter stood at 10.8 billion Danish crowns ($1.58 billion), the company said, up from 9.9 billion a year earlier, while earnings before interest and tax (EBIT) rose to 3.7 billion crowns from 3.2 billion crowns.
Full-year revenue stood at 28.1 billion crowns, up from 26.5 billion in 2022, while EBIT rose to 7.0 billion crowns from 6.7 billion crowns.
Shares in Pandora, which sells its jewellery in more than 100 countries through some 6,500 points of sale, have risen 80% in the last year.
