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The world’s largest mass-market jewellery brand, Pandora, has raised its guidance for the year following better-than-expected sales in the first quarter.
The company expects revenue to increase by 8-10 per cent this financial year, up from the 6-9 per cent previously projected.
Sales in the first quarter increased by 18 per cent on a year-on-year comparison, with this improvement attributed to high demand for lab-created diamond jewellery collections.
Pandora sells lab-created diamond jewellery in more than 700 stores worldwide, including Australia. Online sales increased by 22 per cent in a year-on-year comparison.
CEO Alexander Lacik said with store expansion continuing, the company was well-positioned for a successful year.
“We are very pleased with our start to the year, as we embark on the next chapter of Phoenix,” he said.
“Whilst jewellery markets around us generally remain subdued, our ongoing brand investments allow us to take market share. We raise our revenue guidance and look forward to keep fueling our growth with exciting strategic initiatives.”
Strong sales in the US and Europe countered a 17 per cent decline in China. In Australia, sales declined by 3 per cent.
During the first quarter, the company opened 19 new concept stores and seven Pandora-owned store-in-store locations.
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Fluctuations in Pandora share price over the past 12 months. |
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