Pandora saw its profits and sales soar in its latest annual results, as it pushed towards becoming a “full jewellery brand”.

The retailer reported a 13% increase in EBIT to £890m for the full 2024 year, despite witnessing a year where “global consumers in general remained cautious”.

Sales were also up 13% to £3.53bn for the period, driven by strong online growth accounting for 27% of revenues and performance of its core jewellery collections.

Pandora said like-for-like growth was driven by solid performance across the US but in the UK, comparative sales had slipped 2% as a result of “dampened consumer sentiment”.

Looking ahead, the brand expects organic growth between 7% and 8% in 2025 and an EBIT margin of roughly 24.5%.

Pandora president and CEO Alexander Lacik said: “We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period.

“Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year.

“In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development.”

In August, Pandora reported its UK sales had risen marginally during its second quarter, as it benefitted from an increase in traffic during the period.

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