At the beginning of January, the Danish jewelry supplier Pandora A/S announced that it was able to exceed its own sales forecast in the 2023 financial year. On Thursday, the company published further results for the past year and presented its plans for 2024.
In 2023, the group generated sales of 28.1 billion Danish crowns (3.8 billion euros). This corresponded to an increase of six percent compared to the previous year. On an organic basis, sales grew by eight percent, not least thanks to strong business in Germany (+17 percent), and by six percent on a like-for-like basis.
The jewelry retailer is planning numerous new openings
Operating profit (EBIT) was around 7.0 billion Swedish krona, four percent above the previous year’s level. However, net profit fell by six percent to 4.7 billion Danish crowns (636 million euros), not least due to negative currency effects.
For 2024, Pandora is now targeting organic sales growth of six to nine percent to 30.0 to 30.9 billion Danish crowns. The EBIT margin should be around 25 percent and thus in the same range as the previous year. So far in the first quarter, like-for-like sales have grown by a “high single-digit percentage,” the company said.
The company also announced that it would continue to expand its sales network. The plan is to open 75 to 125 new concept stores and 25 to 50 of our own shop-in-shop areas over the course of the year.