Fra Pandora
Pandora exceeds guidance: Strong Q4 sales lift full
year organic growth to 8%
‘
Following a strong end to 2023 with double-digit organic growth in the fourth quarter and solid
profitability, the preliminary and unaudited results for 2023 exceed the full-year guidance
communicated on 8 November 2023.
Key Q4 2023 highlights (preliminary and unaudited):
• Q4 2023 organic growth accelerates to +12% boosted by LFL (Like-for-Like) growth of
+9%.
• Continued brand momentum drove strong performance across the key trading events
of Black Friday and Christmas.
• Broad-based LFL growth across markets: key markets in Europe remained solid at 5%
growth, US accelerated to +10% growth and Rest of Pandora continued strong doubledigit growth at +16%.
• Strong LFL growth across collections with Moments and Pandora ME delivering +4% and
+6% growth, respectively. Timeless accelerated further with +31% growth whilst Pandora
Lab-Grown Diamonds built further momentum with +83% growth.
• The preliminary and unaudited Q4 2023 EBIT margin landed at 34%, +1.5pp Y/Y, helped
by the solid growth, cost efficiencies and cost phasing as well as some tailwinds from
FX/commodities.
The preliminary and unaudited results exceed the previously announced guidance
• As a result of the strong Q4 performance, full-year 2023 organic growth reached +8%,
above the previously communicated guidance of “+5% to +6%”.
• The EBIT margin for 2023 landed at 25%, in line with the company’s guidance of “around
25%”.
Alexander Lacik, President and CEO of Pandora, says:
“We are very pleased with our results across the peak trading season, and how we closed 2023.
It’s clear that our brand resonates well with consumers and continues to gain strength. The
success in 2023 is also testament to the great work of Pandora teams around the world, who
have helped take the Phoenix strategy to the next level.”
DKK billion Q4 2023 Q4 2022 FY 2023 FY 2022
Revenue 10.8 9.9 28.1 26.5
EBIT 3.7 3.2 7.0 6.7
Organic growth, % +12% +4% +8% +7%
Like-for-Like, % +9% -1% +6% +4%
EBIT margin, %1 34% 32.5% 25% 25.5%
1The results for 2023 are preliminary and unaudited. The EBIT margin for 2023 is therefore shown without a decimal.
07 January 2024 | Company Announcement No. 835 | page 2 | 3
QUARTERLY REVENUE DEVELOPMENT BY KEY MARKET
DKK billion Q4 2023 Q4 2022 Like-for-Like Organic growth
Share of
revenue
US 3.2 2.8 10% 15% 29%
China 0.1 0.1 -12% -13% 1%
UK 1.6 1.6 -2% 0% 15%
Italy 0.9 0.9 -1% 1% 9%
Australia 0.5 0.5 -6% -9% 4%
France 0.5 0.5 6% 6% 5%
Germany 0.7 0.5 40% 34% 6%
Total key markets 7.5 7.0 6% 8% 69%
Rest of Pandora 3.3 2.9 16% 20% 31%
Total revenue 10.8 9.9 9% 12% 100%
The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal.
YEAR-TO-DATE REVENUE DEVELOPMENT BY KEY MARKET
DKK billion FY 2023 FY 2022 Like-for-Like Organic growth
Share of
revenue
US 8.3 7.9 2% 5% 30%
China 0.6 0.7 -9% -18% 2%
UK 3.8 3.8 -1% 2% 14%
Italy 2.5 2.6 -3% -2% 9%
Australia 1.1 1.3 -6% -6% 4%
France 1.2 1.2 1% 0% 4%
Germany 1.5 1.3 26% 17% 5%
Total key markets 19.1 18.8 1% 2% 68%
Rest of Pandora 9.1 7.7 16% 21% 32%
Total revenue 28.1 26.5 6% 8% 100%
The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal.
REVENUE BY SEGMENT
DKK billion Q4 2023 Q4 20221
Like-forLike
Share of
Revenue FY 2023 FY 20221
Like-forLike
Share of
revenue
Core 8.2 7.8 4% 76% 22.0 21.2 2% 78%
– Moments 6.9 6.5 4% 64% 18.4 17.7 2% 65%
– Collabs 1.0 1.0 1% 9% 2.7 2.6 1% 10%
– ME 0.3 0.3 6% 3% 0.9 0.8 12% 3%
Fuel with more 2.6 2.1 23% 24% 6.2 5.3 14% 22%
– Timeless2 2.1 1.6 31% 20% 4.8 3.8 20% 17%
– Signature 0.4 0.4 -11% 4% 1.1 1.2 -11% 4%
– Pandora Lab-Grown Diamonds 0.1 0.1 83% 1% 0.3 0.2 116% 1%
Total revenue 10.8 9.9 9% 100% 28.1 26.5 6% 100%
The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal.
1 Pandora has updated its collection structure by moving products from Fuel with more to Core in Q1 2023 and comparative figures for Q4
2022 were restated accordingly by DKK 424 million. Total restatement on comparative figures for FY 2022 were DKK 1,150 million.
2 From Q2 2023, Timeless includes revenue from the PANDORA ESSENCE collection of DKK 5.0 million full year and DKK 2.0 million in Q4
2023.
Pandora A/S
Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark
Tel. +45 3672 0044
www.pandoragroup.com
CVR: 28 50 51 16
07 January 2024 | Company Announcement No. 835 | page 3 | 3
Pandora will, as planned, announce the detailed and audited financial results in the Q4 2023
Interim Report to be released on 7 February 2024 along with the Annual Report 2023.
