// Pandora expects to see full-year organic growth of 4% to 6%, compared to a previous forecast of 3% to 6%,
// The company stated all its business in Russia and Belarus were “no longer considered part of Pandora”
Jewellery retailer Pandora warned on Wednesday that higher inflation and the Ukraine war posed heightened uncertainty for its full-year earnings, despite reporting record breaking first-quarter sales and raising its sales outlook slightly.
Pandora released its annual financial results showing a 21% organic growth in Q1 2022, highlighting the success of the Marvel collaboration that launched in February, which made up 3% of business in the period.
The franchise collection which proved popular outperformed both its previous Star Wars and Harry Potter collaborations, and that the “Infinity Ring” product proved particularly successful with 17,000 customers signing up on a waitlist. In total collaborations were up 41% in the first three months of the year.
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“We are very pleased with the strong start to the year delivering record revenue for a first quarter,” CEO Alexander Lacik said in a statement.
The business now expects full-year organic growth of 4% to 6%, compared to a previous forecast of 3% to 6%, but said the forecast was subject to “elevated uncertainty” due to inflationary pressure, coronavirus, and the war in Ukraine.
In the UK organic growth was 30% in the first three months of the year compared to the same period in 2019. Other key European markets such as Italy, Germany and France also delivered double-digit growth.
“Pandora has historically been successful in mitigating cost increases through efficiency and cost savings initiatives. This work continues,” the retailer said.
The business said it saw no “major impact” from Russia’s invasion of Ukraine in the first quarter. Wirth Russia, Belarus and Ukraine only accounting for 1% of revenue in 2021.
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