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Strong Holiday Demand Lifts Pandora Revenue

February 12, 2024  |  Leah Meirovich
Pandora lab-grown diamonds 1280 USED 021224

Pandora’s revenue rose 10% year on year in the fourth quarter amid solid trading across the holiday season and the expansion of its lab-grown line.

Sales for the three months ending December 31 reached DKK 10.82 billion ($1.56 billion), the company reported last week. After launching synthetics brand Diamonds by Pandora at 269 stores in North America in 2022, the Danish retailer expanded it early last year, and 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% in like-for-like revenue during the period, Pandora noted. The company also benefited from strong holiday purchases, driven by its strategy to eliminate discounting and improve its brand offering.

“We are very pleased with how we ended 2023 with strong trading across the holiday season,” said Pandora CEO Alexander Lacik.

“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,” the company explained.

Online sales during the quarter climbed 13% on an organic basis. That compares with an e-commerce drop of 3% during the same period a year earlier. Profit for the period grew 7% to DKK 2.53 billion ($365.9 million).

Sales in the US and the UK, two of Pandora’s largest markets, remained strong, as did those in European countries, including Italy, France and Germany. Those outweighed a drop in China, which “fell short of expectations” amid a subdued recovery on the mainland, despite a relaunch of the brand in Shanghai, the company noted.

Full-year sales grew 6% to DKK 28.14 billion ($4.07 billion), while profit fell 6% to DKK 4.74 billion ($685.5 million).

Pandora expects revenue to grow between 6% and 9% on an organic basis in 2024, it added.

Main image: Jewelry from Pandora’s lab-grown diamond collection. (Pandora)

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