Pandora reports record full-year revenue
Danish jewellery maker Pandora has recorded record revenue in its fourth quarter results, driving its share price up on Wednesday morning.
The charm-bracelet manufacturer reported full year organic growth of 23 per cent compared to 2020, exceeding guidance.
Its earnings before interest and tax margin grew 25 per cent, also higher than anticipated.
Sales were driven by US shoppers, with sell-out growth of 39 per cent in the period compared to the fourth quarter of 2019.
The retailer however said its performance in China was “unsatisfactory” and “negatively impacted” by Covid. Sell-out growth ended down 39 per cent, compared to 2019. The retailer said it continued to see “significant opportunities to grow” in China.
Alexander Lacik, President and CEO of Pandora, said: “We end 2021 on a high note with record-breaking revenue and sell-out in the fourth quarter, and I am pleased that we are able to increase our 2023 revenue target by around DKK 2bn. I am particularly pleased that our strong growth was broad-based across key markets.
“Our investments in digital are clearly paying off, Moments is showing solid growth, and we are encouraged by the new product platforms Pandora ME and Brilliance. With this – and with network expansion accelerating in 2022 – I am confident that we have all the ingredients to deliver sustainable and profitable revenue growth in the years to come.”
