Pandora hails strong organic growth
Jewellery brand Pandora achieved 21% organic growth in its first quarter following a strong performance from collaborations including a Marvel launch.
The brand also benefited from the implementation of its new Phoenix strategy and new products such as the Padlock concept.
Sales in the US grew by 7% year-on-year and by 62% on 2019 . Pandora said its strategy in the country is on track with the acquisition of 32 franchise stores, mainly on the west coast. It has also entered into a new partnership with the Macy’s department store.
Meanwhile, its European business posted double digit growth compared to pre-pandemic levels.
Looking at online sales, these were up 155% compared to 2019, but down down 17% on the previous 12 months due to Covid-19 store closures last year.
Alexander Lacik, president and chief executive of Pandora, said: “We are very pleased with the strong start to the year delivering record revenue for a first quarter. All our product platforms support the growth in Q1, as our ability to continuously offer new innovation pays off.
“Execution of the Phoenix strategy continues at high pace and I am encouraged by the growth opportunities we have ahead of us. For the last two years, we have invested in building a stronger organisation, and this is increasingly visible in the numbers and how we drive the company forward.”
Despite the impact of the war in Ukraine, cost inflation and potentially lower consumer demand, Pandora has raised its full year guidance and is now expecting organic growth to come in at between 4% and 6%, compared to a previous forecast of 3% to 6%. Its EBIT margin guidance remains unchanged at 25% to 25.5%.
