Pandora has released its preliminary financial results for the fourth quarter of 2021, showing that its global revenue is up 10% on Q4 2020 and 15% on Q4 2019.

This made for a total revenue of DKK 9 billion (£1 billion) in the fourth quarter of last year, and DKK 23.4 billion (£2.6 billion) for the full year of 2021.

Preliminary, unaudited results for all of 2021 show an organic growth of 23% and an EBIT margin of 25% for the company – both above the company’s forecasts.


Meanwhile, a breakdown of the company’s revenues per country shows that the US is still its largest market by far.

It has also seen impressive growth in the region – 56% compared to the full year 2019 and 58% compared to 2020.

More muted growth in its third and fourth biggest markets, the UK and Italy respectively, is offset by a decline in other regions.

China has seen revenues shrink considerably – 43% since 2019, with Q4 2021 revenue down 51% on the same period in 2019.

Australia likewise looks to be less of a priority for Pandora than it once was as revenues have declined since 2019.

The brand is clearly doing something right though as its global revenues continue to rise overall.

A comment in the report reads: “On average, a low single digit percentage of the physical stores were temporarily closed during Q4 2021 due to COVID-19.

“Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China. The recent escalation of COVID-19 continues to drive some uncertainty with regards to financial performance in 2022.

“The Q4 results include around DKK 100 million [£11.2 million] incremental cost related to among others a write-down of certain IT assets and a larger bonus pool reflecting the strong 2021 performance.”