Pandora achieves global fourth-quarter growth but Australian sales fall

(Source: Big Stock)

Jewellery retailer Pandora’s positive fourth-quarter results pushed FY23’s organic growth beyond expectations.

The company witnessed a 12 per cent organic growth in the fourth quarter, with revenue hitting 10.8 billion Danish kroner (US$1.58 billion), based on preliminary and unaudited results.

Its German market posted the highest organic growth of 34 per cent during the quarter, followed by the US and France at 15 per cent and 6 per cent, respectively.

However, the company’s performance declined 13 per cent in China and 9 per cent in Australia. The rest of Pandora markets grew 20 per cent.

Pandora noted that Moments segment delivered a 4 per cent like-for-like growth while its Pandora Me segment rose 6 per cent.

In addition, its Timeless business jumped 31 per cent and the Lab-Grown Diamonds division surged 83 per cent.

“We are very pleased with our results across the peak trading season, and how we closed 2023. It’s clear that our brand resonates well with consumers and continues to gain strength,” said Alexander Lacik, Pandora president and CEO.

“The success in 2023 is also a testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level.”

Full-year organic growth totalled 8 per cent, surpassing the guidance of 5 per cent to 6 per cent. Revenue for the year reached 28.1 billion kroner (US$4.12 billion).

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