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Pandora surpasses expectations with “resilient growth” in Q4 and full year results

Tom Shearsmith
08 February 2023

Danish jewellery giant Pandora has reported “resilient growth” in its Q4 and full year results, which included sales of £1.18 billion (DKK9.9 billion) in Q4, surpassing analyst expectations.

The company reported that Q4 organic growth was 4% year on year and 19% when compared to the same period in 2019, the most recent pre-pandemic year.

Pandora showed resilience in macroeconomic uncertainty, with Q4 US sell-out growth improving sequentially to -7%, as well as +2% sell-out growth in Europe, despite some pockets of macro-driven consumer weakness.

Key markets in Europe delivered "positive sell-out growth" in 2022. In 2021, these markets were impacted by temporary store closures due to COVID-19, but saw a "strong rebound" in 2022. The UK and Germany both delivered double-digit sell-out growth rates.

Pandora reported £3.16 billion (DK26.463 billion) in revenues for the full year, reaching 7% growth and beating its own guidance of organic growth between 4%-6%.

Performance in China continued to be significantly impacted by widespread COVID-19 restrictions during 2022 and sell-out growth was -47%. China is the largest jewellery market in the world and represents a significant opportunity for the company. Pandora has previously communicated that it aims to triple its business in China compared to 2019, but has postponed investment to transform the business until market conditions stabilise.

Pandora is confident in its ability to adapt to the uncertain environment whilst driving strategic priorities.
Initial guidance for 2023 is -3% to +3% organic growth and an EBIT margin around 25%. Current trading in 2023 has "been solid with a good, broad-based pick-up in sell-out growth". This is somewhat helped by an easier comparative base due to Omicron and earlier product launches than last year.

Alexander Lacik, President and CEO of Pandora, said: “We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels. We have started 2023 well, and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger. In 2023, we will keep executing on our strategy, take market share, and accelerate network expansion while taking prudent cost actions to protect margins.“

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