Pandora plans major store expansion as it reports strong fourth quarter sales growth
Pandora has reported strong fourth quarter trading with sales rising by 12% as it plots a major expansion of its stores.
The uplift meant that the jewellery brand’s full year revenue increased by 8% compared to a previous guidance of 5% to 6%.
During the year, Pandora made a full transition to recycled gold and silver a year earlier than planned to avoid 58,000 tonnes CO2 per annum.
The company said current trading in the first quarter of 2024 has so far remained healthy with like-for-like growth at high single-digit levels.
Pandora is aiming for an organic sales increase of 6% to 9% in 2024 as it looks to open a net total of 225 to 275 additional concept stores and 175 to 225 Pandora-owned shop-in-shops by 2026.
Alexander Lacik, president and chief executive of Pandora, said: “We are very pleased with how we ended 2023 with strong trading across the holiday season.
“Looking back at the past two years since we launched the Phoenix growth strategy, we are proud of how our strategic initiatives have come together to consistently drive strong results despite the challenging macroeconomic backdrop.
“In 2024, we target continued solid and profitable growth as we execute on the next chapter of Phoenix.”