Pandora, the world's largest jewellery brand, has reported a strong end to 2023 as its trading during the key golden quarter period exceeded expectations. The company's revenue reached £1.2bn, up from £1.1bn in the fourth quarter of 2022, with organic growth up by 12% and like-for-like growth of 9%. Sales also rose 12% year-on-year to £1.25bn, with like-for-like revenues up 9%.

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According to the company, its solid performance was driven by a 5% growth in Europe and a 10% growth in the US, contributing to an overall 16% growth across the rest of its business. Pandora also highlighted its continued brand momentum, which drove strong performance throughout Black Friday and Christmas.

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For the full year, the company reported organic growth of 8%, surpassing its former guidance of between 5% and 6%. Its full-year EBIT margin also stayed in line with expectations, reaching 25%. Pandora also saw strong like-for-like growth across its Moments and Pandora ME collections, with 4% and 6% growth respectively.

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CEO and president Alexander Lacik expressed his satisfaction with the company's results, stating that the brand continues to resonate well with consumers and gain strength. He also credited the success to the hard work of Pandora teams around the world in implementing the company's Phoenix strategy.

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In August, Pandora opened a new store on London's Oxford Street, designed to immerse visitors in the brand's world of charms, bracelets, rings, earrings, and necklaces. This marked the third store for the company along Oxford Street.

Sources: https://www.retailgazette.co.uk/blog/2024/01/pandora-trading-beats/