Another Quarter of Growth for Pandora
November 07, 24
(IDEX Online) - Pandora reported another quarter of significant organic growth as it continues its expansion beyond charm bracelets to become a full jewelry brand.
Total revenue for Q3, the three months to 30 September was $881m, representing organic growth of 11 per cent. The Danish company is maintaining organic growth, but as a slower rate than previously. In Q2 it was 15 per cent, in Q1 18 per cent and in Q4 2023 it was 23 per cent.
Pandora said it was lifting its organic growth guidance to 11-12 per cent (it was previously 9-12 per cent).
The company said its Phoenix strategy - launched in 2021 - was driving sustainable growth and transforming the company into a full-fledged jewelry brand.
Alexander Lacik, Pandora's president and CEO, said: "We are very pleased with our strong results this quarter, particularly in the context of the current macroeconomic backdrop. We are … unlocking the next chapter of our growth by attracting more consumers to our brand."
Pandora's operating profit rose 6.5 per cent to $141m in Q3. In Financial Highlights published yesterday (6 November) the company cautioned that increasing gold and silver prices could impact future margins.