Pandora raises guidance following 18% organic growth

Pandora, the high street jewellery brand renowned for its chunky charm bracelets, has reported that revenues were up by £114.6 million (DKK 1 billion) in the first quarter of 2024 compared to the year prior.

The brand credits its "continued momentum" to the second phase of its Phoenix strategy. This saw Pandora increase investments and elevate brand desirability by showcasing its position as a "full jewellery brand".

Pandora achieved  Like-for-like growth of 11% and network expansion of 5%. LFL growth in key European markets was up by 9%, the US remained was also up by 9% and the rest of the world was up by 18%.

EBIT margin landed at 22% and gross margin reached a new record high of 79.4%, supported by channel mix, pricing and efficiencies.

Looking ahead, the company's organic growth guidance is upgraded to between 8-10% (previously 6-9%). The EBIT margin guidance remains unchanged at around 25%.

Alexander Lacik, President and CEO of Pandora, said: "We are very pleased with our start to the year, as we embark on the next chapter of Phoenix. Whilst jewellery markets around us generally remain subdued, our ongoing brand investments allow us to take market share.

"We raise our revenue guidance and look forward to keep fuelling our growth with exciting strategic initiatives over the coming years.

This follows the news that Pandora achieved its target to only use recycled silver and gold in all of its jewellery manufacturing earlier this year. By using recycled instead of newly mined metals, the retailer avoids producing 58,000 tons of CO2 every year.