Pandora Posts Q4 Results Above Forecast

Danish jewellery maker Pandora said on Monday preliminary results showed record sales in the fourth quarter, fuelled by a strong US market.

Pandora, the world’s largest jewellery maker by production capacity, said sales totalled 9 billion Danish crowns ($1.37 billion) in the fourth quarter, above the 8.4 billion expected by analysts in a poll gathered by the company.

Operating profit stood at 2.7 billion crowns ($411 million) between October and December, above the expected 2.5 billion.

Sales for the full year grew 23 percent to a record 23.4 billion ($3.5 billion).

“We are very pleased with the results in 2021,” said chief executive officer Alexander Lacik in a statement. “Pandora has returned to growth, and we deliver all time high revenue. It is encouraging that we see broad-based growth.”

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In the United States, its key market, organic sales grew 18 percent in the fourth quarter.

For the whole of 2021, organic sales grew 23 percent globally, compared with the 18-20 percent guided in November, when the company lifted full-year guidance for the third time.

A low single digit percentage of Pandora’s more than 2,600 physical stores were temporarily closed during the fourth quarter due to coronavirus lockdown measures, it said.

“Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China,” the company said.

The company is due to publish a full set of results on Feb. 9.

By Jacob Gronholt-Pedersen; Editor: Sandra Maler

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Pandora’s Disappointing In-Store Sales Take Shine off Outlook Upgrade

The Danish company lifted its full-year outlook, citing strong US sales, but its share price dropped 4.8 percent in early trade as it also said sales at Pandora stores grew just 5 percent in the third quarter, while analysts had expected 14 percent growth.

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