Pandora expects profitable growth to continue after record revenue in Q4

Pandora has confirmed it will raise its 2023 revenue target as it reports record full-year revenues and strong profit growth in 2021.

For the period ending 31 December 2021, the jewellery retailer posted strong Q4 revenue of around £1 billion (9,011 billion DKK), representing organic growth of 10% compared to a year ago, and 15% compared to two years ago.

For fiscal year 2021, Pandora reported a growth in annual revenue of £2.6 billion (23,394 billion DKK), compared to £2.1 billion (19,009 billion DKK) in fiscal year 2020.

The company said it expects organic revenue to grow between 3% and 6% in 2022, while its EBIT margin expected to be between 25% and 25.5%. Looking at current trading, Pandora said it "remains solid" and confirmed that the business is "back on the growth track".

Commenting on the results, Alexander Lacik, President and CEO of Pandora, said: "We end 2021 on a high note with record-breaking revenue and sell-out in Q4, and I am pleased that we are able to increase our 2023 revenue target by around DKK 2 billion. I am particularly pleased that our strong growth was broad-based across key markets."

"Our investments in digital are clearly paying off, Moments is showing solid growth, and we are encouraged by the new product platforms Pandora ME and Brilliance. With this – and with network expansion accelerating in 2022 – I am confident that we have all the ingredients to deliver sustainable and profitable revenue growth in the years to come."