Strong sales in Q4 of 2023 have lifted full year organic growth to 8% at jewellery giant Pandora.
The worldwide jewellery brand, headquartered in Denmark’s capital Copenhagen, has reported double-digit organic growth in the fourth quarter and solid profitability.
Following a strong end to the year, the preliminary and unaudited results for 2023 exceed the full-year guidance communicated on 8 November 2023.
Q4 2023 organic growth accelerates to +12% boosted by LFL (Like-for-Like) growth of +9%.
This was pushed by a continued brand momentum, especially across the key trading events of Black Friday and Christmas.
Key markets in Europe remained solid at 5% growth, whereas the US market accelerated to 10% growth.
The rest of Pandora continued strong double-digit growth at 16%.
As a result of the strong Q4 performance, full-year 2023 organic growth reached 8%, above the previously communicated guidance of “5% to 6%”.
The EBIT margin for 2023 landed at 25%, in line with the company’s guidance of “around 25%”.
Collections including Moments and Pandora ME alone delivered strong LFL growth, with the former gaining 4% and the latter gaining 6% growth.
The Timeless collection accelerated further with +31% growth, whilst Pandora Lab-Grown Diamonds built further momentum with +83% growth.
The brand has been seeing much success with its huge lab-grown diamonds push with accompanying campaign, “Diamonds for All”, with actress and model Pamela Anderson as its face.
The campaign seeks to show that diamond jewellery is not just for special occasions, but can be worn and enjoyed in everyday looks and celebrates the breaking of conventions and tells a new diamond story.
Alexander Lacik, president and CEO of Pandora, shared his pride: “We are very pleased with our results across the peak trading season, and how we closed 2023.
“It’s clear that our brand resonates well with consumers and continues to gain strength.
“The success in 2023 is also testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level.”
