Pandora posts 12% organic growth in February
The results are part of a monthly update by the brand โdue to the elevated uncertainty related to Covid-19โ
Luxury jewellery retailer Pandora has reported a year-on-year organic growth of 12% for February 2021.ย
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 โdue to the elevated uncertainty related to Covid-19โ.ย
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 โpleased with the performance so far in 2021,โ despite total sell-out declining 6% for the quarter to date compared to 2019 levels.
It added: โConsidering 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.โ
The firm reiterated its financial guidance for the upcoming year, as it looks to achieve organic growth โabove 8%โ and an EBIT margin of โabove 21%โ.