Pandora Raises Full-Year Forecast Amid Strong Sales
Pandora has increased its sales outlook for the current year following strong growth in the past quarter and an uptick in store traffic in China.
Sales will climb by 2% to 5% on an organic basis for 2023, the Danish jewelry retailer predicted Tuesday. Its previous sales forecast for the year ranged from a 2% decline to a 3% increase.
The update came on the back of a 5% year-on-year sales rise on an organic basis and a 4% improvement on a reported basis to DKK 5.89 billion ($864.3 million) in the second quarter ending June 30. Organic growth reflects sales in local currencies after adjusting for changes to the company’s structure, such as the addition or removal of distributors and franchisees. Profit fell 17% to DKK 778 million ($113.9 million).
Pandora relaunched the brand in China following three years of ongoing Covid-19-related closures and lockdowns. It also benefited from the opening of new locations during the period and the continued implementation of its Phoenix strategy to elevate the brand, it explained.
Main image: A ring from Pandora’s new lab-grown diamond collections. (Pandora)