Pandora beats estimates with soaring US Christmas jewellery sale
PANDORA reported quarterly revenue that beat estimates, helped by soaring Christmas and Black Friday sales of its charm bracelets and other jewellery in the US.
Revenue in the final three months of 2023 jumped 12 per cent on an organic basis to 10.8 billion kroner (S$1.4 billion), according to preliminary figures released by the Copenhagen-based company late on Sunday (Jan 7). That exceeded the average estimate of 10.6 billion kroner from a Bloomberg survey of analysts.
Pandora’s shares soared 90 per cent in 2023 as the company raised its full-year financial outlook twice during the last four months of the year.
The company, which makes more pieces of jewellery than any other in the world, has been winning market share in an industry that’s contracting, with chief executive officer Alexander Lacik focusing on introducing new collections, including a fast-growing lab-grown diamond series.
“We are very pleased with our results across the peak trading season, and how we closed 2023,” Lacik said.
The company recorded organic growth of 15 per cent in the US, its biggest market, in the fourth quarter. Sales of its lab-grown diamonds jumped 83 per cent.
The company is due to release its complete fourth-quarter report on Feb 7, when it also will provide an outlook for 2024. BLOOMBERG
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