Pandora A/S emerges triumphant, reporting quarterly revenue that surpasses estimates, fueled by exceptional Christmas and Black Friday sales of its sought-after charm bracelets and other jewelry in the lucrative U.S. market.
According to preliminary figures released by the Copenhagen-based company late on Sunday, revenue for the final quarter of 2023 witnessed a remarkable 12% organic growth, reaching 10.8 billion kroner ($1.58 billion). This impressive performance exceeded the average estimate of 10.58 billion kroner from a Bloomberg survey of analysts.
In 2023, Pandora’s shares experienced an outstanding 90% surge, a testament to the company’s robust performance as it adjusted its full-year financial outlook twice in the last four months of the year.
As the world’s leading jewelry maker, Pandora has strategically gained market share in an industry experiencing contraction. CEO Alexander Lacik’s emphasis on introducing new collections, including a rapidly growing lab-grown diamond series, has played a pivotal role in this success.
Lacik expressed satisfaction, stating, «We are very pleased with our results across the peak trading season, and how we closed 2023,» in Sunday’s announcement.
The company achieved a notable 15% organic growth in the U.S., its largest market, during the fourth quarter. Particularly noteworthy is the 83% surge in sales of its lab-grown diamonds.
Pandora is set to release its comprehensive fourth-quarter report on Feb. 7, providing insights into its performance and outlining the outlook for 2024.
Discover more about Pandora’s remarkable success in the competitive jewelry market.
