// Pandora kicks off the new year with “solid trading” as last year’s profits jumped 11.2% to £1.04bn
// Sales topped £3.16bn in the year to 31 December 2022 despite “pockets of consumer weakness”
Pandora has kicked off the new year with “solid” trading as it reports profits climbed 11.2% to £1.04bn in 2022.
The jewellery giant showed “good resilience” against macroeconomic uncertainty as sales jumped 7% to £3.16bn for the year to 31 December 2022.
Sell-out growth in the European market, which includes the UK, rose 2% despite “some pockets of macro-driven consumer weakness”.
The positive full year results comes off the back of a strong golden quarter for the brand, which saw profits rocket 13.6% as shoppers snapped up affordable jewellery before Christmas.
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Sales for the period rose 9% despite a “heavily promotional external environment”.
Chief executive Alexander Lacik said: “We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth versus pre-pandemic levels.
“We have started 2023 well, and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger.
The retailer is set to open a new concept store in Oxford Circus opposite the Tottenham Court Road Elizabeth Line exit on Dean Street.
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