Pandora exceeds expectations with revenues reaching £1.2 billion

Pandora, renowned for its silver jewellery and chunky charm bracelets, has announced strong Q4 sales exceeding the full-year guidance set out on 8 November 2023.

Thanks to continued brand momentum driving strong performance across the key trading events of Black Friday and Christmas, Q4 2023 organic growth rose by 12% boosted by like-for-like growth of 9%.

This saw the Danish jeweller's revenues hit £1.2 billion (10.8 billion Danish crowns), up from £1.1 billion (9.9 billion Danish crowns) in Q4 2022. EBIT margin landed at 34%, up by 1.5% year on year.

Geographically, Europe remained solid reporting a 5% growth. The US saw a 10% increase in sales and the rest of the world continued strong double-digit growth, up by 16%.

In particular, the Moments and Pandora ME collections reported strong sales, delivering 4% and 6% growth respectively. The Timeless collection's sales were up by 31% and Pandora Lab-Grown Diamond sales were up by 83%.

As a result of the strong Q4 performance, full-year 2023 organic growth was up by 8%, above the previously communicated guidance of "+5% to +6%". The EBIT margin for 2023, however, landed at 25%, in line with the company’s guidance of "around 25%".

Alexander Lacik, President and CEO of Pandora, commented: "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 a testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level."

This news comes on the back of Pandora's store expansion, which it announced last February. The company revealed plans to add up to ten new stores in the UK and the Republic of Ireland in the next year. Throughout 2023, four new brick-and-mortar shops opened in London, with more expected to open in the capital in 2024.