Copenhagen, May 4, 2024 – Danish jewelry maker Pandora, the world’s largest, reported strong growth in revenue and profit in the first quarter, beating analyst expectations. The company is benefiting from growth in its key US market and is upgrading its full-year guidance.
Q1 2024 Highlights:
- Revenue: DKK 6.8 billion (€911.74 million), up 11% year-on-year
- US revenue growth: 9% (US remains Pandora’s largest market)
- Operating profit: DKK 1.51 billion, up 19.84% year-on-year
- FY 2024 revenue growth guidance: 8-10% (previously 6-9%)
- FY 2024 operating margin guidance: 25% (unchanged)
Key takeaways:
- Revenue and operating profit growth beat analyst expectations.
- Growth in key US market despite overall jewelry demand slowdown.
- Upgraded full-year revenue guidance.
Positive outlook:
Pandora’s Q1 results are positive and suggest the company is on track to achieve its 2024 targets. Growth in the US and improving margins put the company in a strong position for further growth this year.
Additional details:
- Pandora’s Timeless collection continues to perform well, particularly on social media platforms like TikTok.
- The company’s lab-grown diamond collection saw revenue of DKK 63 million in Q1, with like-for-like growth of 87%.
- Store network expansion is driving profitable growth, with new stores reaching an EBIT margin of 35-40% in their first year.
Overall, Pandora is in a strong position to continue growing in 2024. The company’s focus on innovation, its strong brand, and its expanding store network are all expected to contribute to further growth.
