Pandora reports a strong start to their fiscal year, marking a record Q1 performance of 6.83 billion Danish kroner (US$980.5 million, C$1.34 billion). The company witnessed a notable 17 per cent surge in revenue year-over-year. This growth, equivalent to 18 per cent organically, was further accentuated by an impressive 11 per cent like-for-like sales growth.
The company credits the growth to its recent “Be Love” campaign, which hopes to reshape consumer perception of Pandora as a complete jewellery brand, as opposed to previous popular perception of the brand as a retailer of high-end beads and charms.
Notably, the core segment, featuring popular collections such as “Moments” and “Me,” experienced a 3 per cent like-for-like sales uptick. Meanwhile, the “fuel with more” segment, which includes lab-grown diamond jewellery as well as the “Timeless” and “Signature” collections, saw 34 per cent sales surge in the quarter.
As per National Jeweler, sales of the brand’s lab-grown diamond jewellery amounted to 63 million Danish kroner (US$9 million, C$12.3 million) in the quarter, with 87 percent like-for-like growth. With a robust presence across 700 stores in key markets like the United States, Canada, and Europe, Pandora’s lab-grown jewellery continues to capture significant market share, with North America leading in revenue generation.
The company further expanded its store network by opening a net 19 new concept stores and seven Pandora-owned shop-in-shops. The company reaffirmed further expansion plans, aiming to open around 75 to 125 net concept stores and 25 to 50 Pandora-owned shop-in-shops in 2024.
Pandora reiterated plans to open net 75 to 125 net concept stores and 25 to 50 Pandora-owned shop-in-shops in 2024.
CEO Alexander Lacik says, “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.”
The company will release its Q2 results on Aug. 13.
