Pandora is planning a “large expansion” of its store network over the next couple of years as sales for the retailer continue to surge.
The jewellery maker said it intends to open a net total of between 225 to 275 additional concept stores and a net total of 175 and 225 Pandora-owned ‘shop-in-shop’ sites by 2026.
It comes as the business revealed it sold 107 million pieces of jewellery last year, up from 103 million the year before.
Pandora posted a 12% jump in fourth quarter sales to £1.23bn, helping to push full-year revenue up to £3.21bn for 2023.
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The retailer said its performance in the UK, which contributes to 14% of its 2023 revenue, was “broadly stable throughout the year despite a weak consumer sentiment in the market”.
Pandora is targeting organic sales growth of 6% to 9% in 2024. It said the higher marketing spend would weigh on its first quarter EBIT margin.
CEO and president Alexander Lacik said: “It’s clear that our brand resonates well with consumers and continues to gain strength.
“The success in 2023 is also testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level.”
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