Pandora raises full year growth outlook
Pandora has raised its full year growth outlook as it continues to expand its product range.
The jewellery brand has reported organic revenue growth of 15% in its second quarter with like-for-like growth of 8% following increased traffic in-store.
Meanwhile, operating profit rose to 1.34 billion Danish crowns from 1.19 billion at the same time in the previous year.
During the period, Pandora continued to invest in marketing through its Be Love campaign to drive brand desirability and transform the perception of Pandora into a full jewellery brand.
It also launched its new Pandora Essence collection globally and opened its first-ever global flagship store and largest shop to date in Copenhagen.
Pandora has now raised its full year organic growth guidance to between 9% and 12% from a previous 8% to 10% and is maintaining its EBIT margin guidance at around 25%.
Pandora said its current third quarter trading is healthy with underlying like-for-like growth at mid-single digit levels.
Alexander Lacik, president and chief executive of Pandora, added: “Our strategy continues to take Pandora to new heights despite general consumer spending being somewhat sluggish.
“We have successfully started the journey to make Pandora known as a full jewellery brand, and our results show that consumers like what they see.
“Thanks to our strong performance, we are again raising revenue guidance for 2024 and look to the second half of the year with optimism.”
