Thanks to surprisingly good business in the fourth quarter, the Danish jewelry retailer Pandora A/S exceeded its sales forecast for the just-ended 2023 fiscal year.
According to preliminary figures, revenues in the period from October to December reached 10.8 billion Danish crowns (1.4 billion euros), the company said on Sunday. On an organic basis, sales were twelve percent higher than in the same quarter of the previous year. On a comparable basis, it grew by nine percent.
Strong demand in the final quarter ensured that Pandora was able to significantly exceed expectations for the entire 2023 financial year. According to the available results, consolidated sales were 28.1 billion Danish crowns (3.8 billion euros), which corresponded to organic growth of eight percent compared to 2022. In advance, management had only expected an increase of five to six percent.
Pandora was also able to improve its earnings before interest and taxes (EBIT), which was 6.7 billion Danish crowns in the previous year. Thanks to strong growth in the final quarter, it rose to 7.0 billion Danish kroner (938 million euros).