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Pandora has raised its revenue guidance to “8-10%”, up from 6-9%, following 18% organic growth in Q1 2024 with like-for-like (LFL) growth of 11% and network expansion of 5%.
The group stated that continued momentum, helped by the early restaging of the brand and increased investments are elevating brand desirability and showcasing Pandora’s position as a “full” jewellery brand.
Revenues increased by DKK 1.0bn (£114.6m) compared with Q1 2023 and its gross margin reached a new record-high of 79.4%, supported by channel mix, pricing and efficiencies, as well as some tailwind from silver prices and foreign exchange rates.
LFL growth in key European markets and in the US increased by 9%, while the rest of Pandora saw an increase of 18%.
Moreover, the Q1 2024 EBIT margin landed at 22.0%, +50bp ahead of last year, reflecting the strong growth which more than offset the planned step-up in marketing investments as part of the restaging of the brand.
Pandora stated that its current trading in Q2 2024 has so far “remained healthy” with high single-digit LFL growth.
Alexander Lacik, president and CEO of Pandora, said: “We are very pleased with our start to the year, as we embark on the next chapter of Phoenix. Whilst jewellery markets around us generally remain subdued, our ongoing brand investments allow us to take market share. We raise our revenue guidance and look forward to fuelling our growth with exciting strategic initiatives over the coming years.”
