Pandora has released its sales report recently. Sales for the fourth quarter of 2023 reached DKK 10.82 billion (around $1.56 billion), up 10 percent year on year with solid trading across the holiday season.
Sales remained strong in the US and the UK, two of Pandora’s largest markets, as did those in European countries including Italy, France, and Germany, while China fell short of expectation despite a relaunch of the brand in Shanghai. Full-year sales increased by six percent to DKK28.14 billion (around $4.07 billion), while profit declined by six percent to DKK4.74 billion (around $685.5 million).
According to the Danish retailer, its growth continued to be driven primarily by strong brand momentum combined with a successful new holiday campaign, which drove a broad-based increase in traffic and resulted in good performance across the two key gifting occasions of Black Friday and Christmas.
Pandora expanded its branded lab-grown diamonds last year after launching it at 269 stores in North America in 2022. It now spans four collections that are available in more than 700 stores in the US, Canada, UK, Australia, Mexico, and Brazil. The collection saw a rise of 83 percent in like-for-like revenue in the fourth quarter of 2023.
“We are very pleased with how we ended 2023 with strong trading across the holiday season,” said Alexander Lacik, president and CEO of Pandora. “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.”
21-02-2024
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