Danish jewellery brand Pandora has seen its UK sales drop by 1%, but the brand has stressed that it continues to “outperform the broader jewellery market in the UK”.
Pandora stressed that the jewellery market “remains subdued”, however thanks to investment in the brand as part of its “Phoenix” strategy it has raised its 2024 guidance.
Alexander Lacik, president and CEO of Pandora, said: “We are very pleased with our start to the year, as we embark on the next chapter of Phoenix.
“Whilst jewellery markets around us generally remain subdued, our ongoing brand investments allow us to take market share.”
The retailer, famed for its charm bracelets, credited the early restaging of the brand for driving strong Q1 2024 trading; it has reported organic growth of 18% with Like-for-like (LFL) growth of 11% and network expansion of 5%.
Despite the UK dip, Pandora witnessed LFL growth in key markets – European and US sales remaining strong at 9% each. This global performance, with its EBIT margin rise by 50 basis points to 22%, has resulted in Pandora increasing its sales forecast for the year from 8% to 10%, from its previous guidance of 6% to 9%.
“We raise our revenue guidance and look forward to keep fuelling our growth with exciting strategic initiatives over the coming years,” added Lacik.
Learn more about how Pandora has grown from a small shop in Copenhagen in 1982 to a global jewellery brand in an exclusive case study in the RetailX Customer Value Chain report.
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