Danish jewelery giant Pandora posted record revenue in the first quarter of the year and raised its full-year sales forecast despite warning of continued uncertainty surrounding Covid and Russia’s war in Ukraine .
Pandora’s revenue in the quarter was 5.7 billion Danish kroner (765 million euros), up 21% on an organic basis year-on-year and 18 % from pre-pandemic levels in 2019.
Pandora CEO and President Alexander Lacik Pandora told investors, “We are very pleased with the strong start to the year which delivered record first quarter revenues. All of our product platforms are supporting growth in the first quarter, as our ability to continuously deliver new innovation pays off.
Revenue in the company’s home market, the United States, was up 7% year-over-year and 62% from 2019 levels.
In the UK, revenue increased 32% year-on-year.
The company also recorded strong double-digit growth in Italy, France and Germany, where sales increased by 33%, 35% and 43% respectively.
In Australia, sales remained stable compared to the previous year.
Covid impacts sales in China
In China, where recent Covid spikes continue to impact business, revenue was down 18%.
The company increased its net profit in the quarter to 995 million Danish kroner from 628 million Danish kroner a year earlier.
For the full year, Pandora now expects organic sales growth of between 4% and 6%, up from the previous forecast of 3% to 6%.
But he warned of continued uncertainty related to the impact of Russia’s war in Ukraine, cost inflation and Covid-19.
Its full-year EBIT margin guidance remained unchanged at 25-25.5%.