A golden year for Pandora silver. In the second quarter of 2024, the Danish brand achieved growth of 15% (8% at unchanged perimeter), with a 6% expansion of the network and 1% of the staggering of sales to partners. On a like-for-like basis, the increase in the main European markets was 10%, and in the United States at 5%, while in the rest of the world, revenues rose by 13%. The EBIT (Earnings before interest and taxes) of the quarter slightly fell to 19.8% (-0.4%) due to non-recurring costs related to investments in integrations for the future. Pandora’s financial data also indicate that the company has continued to invest across the value chain to increase the desirability of the brand and to transform the perception of Pandora into the brand that offers a complete range of jewelry. Translated: no longer just jewelry at affordable prices, but also for a higher segment of buyers.
The strategy is epitomized in the Be Love marketing campaign, which has received excellent feedback from consumers. For this reason, sales of traditional Pandora jewelry increased by only 1%, while higher-end jewelry grew by 29%. The company describes the sales of the new Pandora Essence collection as encouraging globally. In other news, Pandora opened its first global flagship store in Copenhagen, the brand’s largest store worldwide. The second-quarter results raised the guidance for the full year 2024, with organic growth to 9-12% (previously 8-10%).
Our strategy continues to push Pandora to new heights despite consumer spending having slowed somewhat. We have successfully started the journey to establish Pandora as a brand that offers a full range of jewelry, and our results show that consumers like what they see. Thanks to our strong performance, we are once again increasing our revenue guidance for 2024 and are looking to the second half of the year with optimism.
Alexander Lacik, President and CEO of Pandora
