US jewellery brand Pandora has managed to claw back some of the ground it lost last year due to the pandemic according to its latest financial report.
The first quarter of the year marked “a good start to 2021”, said president and CEO, Alexander Lacik, after the brand reported 13% growth through the first quarter of the year.
This was compared to a quarterly 14% decline in the first quarter of the previous year, and a full-year decline of 11% through the entire 2020.
Elsewhere, sell-out growth including temporarily closed stores jumped 21% in Q1 2021, compared to a 17% decline in Q1 2020.
Revenue in the two quarters showed improvement too, growing from £484 million last year to over £522 million in the first quarter of this year.
Pandora also revealed that its internal ‘Programme NOW’ has been completed after two years.
The key objectives of stabilising the topline, increasing brand relevance and brand access and reducing cost have been achieved, the brand said.
Alexander Lacik, president and CEO of Pandora, said: “We have had a good start to 2021, not least considering that many of our stores have been closed.
“Performance in the US and online continues to be strong, and we keep investing in building brand desirability, digital capabilities and operational excellence.
“Covid-19 obviously remains a challenge and our priority is the safety and wellbeing of our employees and consumers.
“During the last two years, Programme NOW has significantly improved Pandora’s foundation and I am pleased to say the turnaround is now behind us.
“Today, we can turn the page on the next chapter for Pandora and announce our new strategy, moving us from turnaround to sustainable growth.”