Pandora A/S, the Copenhagen-based jewelry company, reported quarterly revenue that surpassed estimates, driven by robust Christmas and Black Friday sales, particularly in the US. Preliminary figures for the final quarter of 2023 revealed a 12% organic increase in revenue to 10.8 billion kroner ($1.58 billion), surpassing the average analyst estimate of 10.58 billion kroner.
The company’s solid performance across various countries and categories, particularly in the US, contributed to the positive revenue outcome. Despite the strong revenue growth, some analysts expressed a desire to see a greater impact on operating profit. Pandora’s shares experienced a 90% increase in 2023, supported by the company raising its full-year financial outlook twice in the last four months of the year.
Pandora, known for being the world’s largest jewelry maker, has been gaining market share in a contracting industry. CEO Alexander Lacik’s focus on introducing new collections, including a fast-growing series of lab-grown diamonds, has contributed to this success. The company recorded a 15% organic growth in the US, its largest market, during the fourth quarter, with an 83% increase in sales of lab-grown diamonds.
The complete fourth-quarter report and the outlook for 2024 are scheduled to be released by Pandora on February 7.
