The world’s largest mass-market jewellery brand, Pandora, has reported a modest increase in revenue in the opening quarter of 2023.
Revenue improved by one per cent on a year-by-year comparison, reaching $US864.8 million ($AU1.28 billion).
The Copenhagen-based business opened 87 new concept stores and 112 new stores worldwide. Online sales decreased by six per cent.
“We have started 2023 well with resilient improvement and solid margins,” CEO Alexander Lacik said in a statement.
“Our investments in lifting the brand are paying off with a good performance from our Moments brand and strong results from the newer platforms, Timeless and Pandora ME. It’s clear that we are increasingly the jewellery brand of choice, particularly for gifting occasions.”
Pandora has adjusted its forecast for the full year following the opening quarter sales results, anticipating an organic revenue decrease of between two and three per cent.
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