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Luxury Goods

Pandora posts 12% organic growth in February

The results are part of a monthly update by the brand ‘due to the elevated uncertainty related to Covid-19’

Luxury jewellery retailer Pandora has reported a year-on-year organic growth of 12% for February 2021. 

The month also represented a year-on-year total sell-out growth of 7%, while the quarter to date achieved 4% organic and 1% sell-out expansions when compared to Q1 of FY20.

The results are part of a monthly update by the brand “due to the elevated uncertainty related to Covid-19”. 

They have also been provided as a press release, rather than a company announcement, due to instructions from NASDAQ Copenhagen, where the firm is headquartered.

Pandora announced that while 30% of its 2,700 global stores were closed at the beginning of the month, this fell to 25% by the end of February.

The release confirmed that Pandora is “pleased with the performance so far in 2021,” despite total sell-out declining 6% for the quarter to date compared to 2019 levels.

It added: “Considering that 25-30% of the stores were closed during January and February, the underlying trading continues to indicate that sell-out is stabilising or growing. Sell-out growth in the US continues to be very strong.”

The firm reiterated its financial guidance for the upcoming year, as it looks to achieve organic growth “above 8%” and an EBIT margin of “above 21%”.

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