Those who also follow the economic aspect of the jewelry market will be interested in the financial results of Pandora, a Danish giant with a worldwide presence. The accounts of Pandora also reflect, in part, the dynamics of the jewelry market.
That said, in 2021 the organic growth (i.e. excluding any extra operations) of the group was 23% compared to 2020 (which, however, they recall, was marred by numerous pandemic lockdowns). The Ebit margin (earnings before interest expense and taxes) of 25%. Data that exceeded forecasts. In particular, business has been booming in the US (+ 58% compared to 2020), while in China it was only 5%, in Italy by 10%, in France by 5%, in Great Britain by 14%.
It should be noted that the total revenues, at 23.3 billion Danish kroner (about 3.1 billion euros or 3.58 billion dollars), are higher not only than the sales of 2020 (19 billion), but also those of 2019 before pandemic (21.8 billion crowns). Sales that generated profits of 4.1 billion crowns (550 million euros or 630 million dollars).
We finish 2021 on a high note with record Q4 revenue and sell-out, and I am delighted that we are able to increase our revenue target for 2023 by approximately DKK 2 billion. I am particularly pleased that our growth has been strong in all key markets. Our digital investments are clearly paying off, Moments is showing solid growth, and we’re encouraged by new product platforms like Pandora ME and Brilliance. With this – and with the acceleration of network expansion in 2022 – I am confident that we have all the ingredients to generate sustainable and profitable revenue growth for years to come.
Alexander Lacik, president and CEO of Pandora
Which jewels are the jewel of such a positive performance? Pandora does not think about single jewels, but about what she calls “platforms”. In short, a sort of maxi collections that are periodically updated with new pieces. Notably, the Moments platform continues to generate very good results, including the Christmas collection. The relaunch of Pandora Me has been well received, with growth of 57% compared to the initial launch in 2019. But Pandora’s revenue is also driven by online sales, with organic growth of 91%, as far as the latest is concerned. three months, compared to the corresponding period 2019. For those who are also a shareholder of Pandora, the company proposes the distribution of a dividend of 16 Danish crowns per share, but also a new share buy-back program (a buy-back) for 3.3 billion Danish kroner, which should support the value of the shares.
