The Danish fashion jewelery supplier Pandora A/S has had a successful start to the 2022 financial year. On Wednesday, the company announced that it had achieved significant growth in sales and earnings in the first quarter.
Accordingly, sales in the months of January to March amounted to 5.69 billion Danish kroner (765 million euros) and reached a new record. Compared to the same quarter of the previous year, revenues increased by 26 percent (+21 percent organically). Sales on an organic basis were 18 percent above the comparable level of 2019, which was not yet affected by the impact of the Covid-19 pandemic.
Thanks to higher margins, the company was able to increase its operating profit by 45 percent to 1.31 billion Danish kroner. Net profit reached 995 million Danish kroner (134 million euros), exceeding the level of the same quarter last year by 58 percent.
With regard to annual sales, management was somewhat more optimistic after the strong first quarter: organic sales growth of four to six percent is now forecast, after an increase of three to six percent had previously been promised. The target corridor for the operating margin is still 25 to 25.5 percent. The company wants to compensate for the currently immense cost increases with savings measures.