Danish jewellery giant Pandora reports record full-year revenue

Pandora has reported record full-year revenue and strong profit growth in 2021.

The Danish jewellery giant posted revenue of 23.4 billion Danish krone (3.6 billion dollars or 2.7 billion pounds) in 2021, representing organic growth of 23 percent compared to a year earlier, and 9 percent compared to two years earlier.

Its fourth-quarter revenue came in at 9 billion krone (1.4 billion dollars or 1 billion pounds), representing organic growth of 10 percent compared to a year ago, and 15 percent compared to two years ago.

The company’s key US market remained strong during the quarter, with sell-out growth up 39 percent compared to the same period in 2019.

Performance in China, however, was “unsatisfactory”, with sell-out growth 39 percent below Q4 2019 levels as the pandemic took its toll on the business. Pandora added that it “continues to see significant opportunities to grow in China”.

Widening profits

Pandora’s net income for the year came in at 4.2 billion krone, up from 1.9 billion krone a year earlier.

“We end 2021 on a high note with record-breaking revenue and sell-out in Q4, and I am pleased that we are able to increase our 2023 revenue target by around 2 billion krone,” said Pandora CEO and president Alexander Lacik in a statement.

“I am particularly pleased that our strong growth was broad-based across key markets,” he said.

Looking at current trading, Pandora said it “remains solid” and confirmed it is “back on the growth track”.

Its organic growth was 23 percent in January 2022 compared to January 2021 when the business was impacted by Covid-19 lockdowns.

Looking ahead, the jeweller said it expects organic revenue to grow by between 3 percent and 6 percent in 2022. It expects its EBIT margin to be between 25 percent and 25.5 percent.