Pandora Reports Q1 Growth of 18%
May 05, 24
(IDEX Online) - Pandora reported organic growth of 18 per cent in Q1 as its "Be Love" campaign attempts to expand beyond the charm bracelets which still account for two thirds of its revenue, and redefine the company as a full jewelry brand.
The Danish company said revenue for the quarter was DKK6,834m ($986m) and operating profit was DKK1,507m ($217m), a 20 per cent increase year on year.
Sales of lab grown diamond jewelry still represent only a small fraction of its business (DKK63m, $9m) but saw 87per cent like for like growth.
Pandora provoked an outcry in May 2021 when it said lab growns were ethically preferable and that it would no longer use mined diamonds in any of its products.
Organic growth guidance has been upgraded from 6-9 per cent to to 8-10 per cent.
Alexander Lacik, Pandora's president and CEO said: "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."