Pandora raises full-year guidance as sales rise

Pandora has delivered 15% growth for the second quarter of 2024, as it continues to expand its product range.

The Danish jewellery giant reported like-for-like growth in key European markets of 10%, whilst the US remained "robust" at 5% and the rest of Pandora continued double-digit growth at 13%.

It saw gross margin reach another all-time high of 80.2%, supported by the brand's vertically integrated business model, price increases and cost efficiencies during the second quarter.

Pandora said it also continued to invest across the value chain in an attempt to "drive brand desirability and transform the perception of Pandora into a full jewellery brand".

This includes, not the least, investments behind its "BE LOVE" marketing campaign which continues to resonate with consumers.

Its "Core" segment delivered 1% LFL growth, whilst the brand's "Fuel with more" segment achieved 29% LFL growth.

The brand also expanded into selected, new design aesthetics, including the launch of its 'PANDORA ESSENCE' collection globally. It said initial results have been "encouraging".

It added that current trading during the third quarter remains "healthy", with like-for-like growth at mid-single digit levels.

As a result, Pandora has upgraded its full-year guidance to 9-12%, up from 8-10% previously. Meanwhile, the brand's EBIT margin guidance remains unchanged at "around 25%".

Alexander Lacik, President and CEO of Pandora, 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."