Pandora raises revenue guidance amid strong store sales

Pandora has upped its revenue guidance for the year to between DKK 34-36bn (£4.2-4.5bn) after seeing a spike in store sales.

As part of its Phoenix strategy, Pandora plans to scale up its investments to accelerate revenue growth, brand desirability and store network.

This will include building its position as a full jewellery brand in the “affordable” luxury space

It also expects its EBIT to reach DKK 8.8-9.7bn (£1.1-1.2bn) by 2026.

Additionally, Pandora is also advancing on its ambitious sustainability targets and will continue to dedicate significant resources to lead the industry on sustainability.

The company is on track to shift to 100% recycled silver and gold by 2025, and is spearheading the use of lab-grown diamonds.

Alexander Lacik, president and CEO of Pandora, said: “Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organisation is much stronger. It’s clear that Pandora is a very different company today.

“This solid foundation combined with a proven strategy that will build Pandora into a full jewellery brand, now allow us to lift our growth target to 7-9% organic revenue CAGR. It’s time to take Phoenix to the next level and our new financial targets reflect our confidence in the future.”