Pandora has raised its full-year revenue sales guidance after its first quarter beat expections, however, its UK sales dipped 1%.
The Danish jewellery giant posted 18% organic growth for its first quarter of 2024, with like-for-like sales up 11%, as it made progress on its strategy to change Pandora’s perception to that of a “full jewellery brand”.
Although its European and US businesses delivered 9% like-for-like growth, the UK was in negative territory, despite being “broadly stable”.
Despite the 1% like-for-like dip, overall UK sales were up 2%. The jewellery retailer said it had outperformed the broader jewellery market in the UK and pointed out that traffic had been robust despite it cutting its number of days on promotion.
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The strong global performance, which saw its EBIT margin rise by 50 basis points to 22%, led to Pandora upping its sales forecast for the year from 8% to 10% from its previous guidance of 6% to 9%.
It said trading in its current quarter had “so far remained healthy” with high single-digit like-for-like growth.
Pandora president and CEO Alexander Lacik said: “Whilst jewellery markets around us generally remain subdued, our ongoing brand investments allow us to take market share.
“We raise our revenue guidance and look forward to keep fuelling our growth with exciting strategic initiatives over the coming years.”
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