Pandora necklace

Jeweler Pandora publishes fourth quarter results better than expected

The Pandora logo is seen at a jewelry store in downtown Rome, Italy August 7, 2018. REUTERS/Max Rossi

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COPENHAGEN, Jan 10 (Reuters) – Danish jeweler Pandora (PNDORA.CO) said on Monday preliminary results showed record fourth-quarter sales, fueled by a strong U.S. market.

Pandora, the world’s largest jewelry maker by production capacity, said sales totaled 9.0 billion Danish kroner ($1.37 billion) in the fourth quarter, above 8.4 billion expected by analysts in a survey conducted by the company.

Operating profit came in at 2.7 billion crowns between October and December, above the 2.5 billion expected.

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Sales for the full year rose 23% to a record $23.4 billion.

“We are very pleased with the results in 2021,” chief executive Alexander Lacik said in a statement. “Pandora has returned to growth and we are achieving record revenue. It is encouraging to see broad-based growth.”

In the United States, its key market, organic sales grew by 18% in the fourth quarter.

For 2021 as a whole, organic sales rose 23% globally, from 18-20% in November, when the company raised its full-year guidance for the third time.

A low-single-digit percentage of Pandora’s more than 2,600 physical stores were temporarily closed during the fourth quarter due to coronavirus lockdown measures, he said.

“In addition, physical stores in a number of markets have been negatively impacted by other restrictions, particularly in China,” the company said.

The company is due to release a full set of results on February 9.

($1 = 6.5667 Danish kroner)

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Reporting by Jacob Gronholt-Pedersen; Editing by Sandra Maler

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