Pandora has released its second quarter sales figures, recording a third consecutive quarter of record revenue despite a decline in the US market.
Pandora reported declining sales in the US and China, however, reaffirmed its annual forecasting.
Pandora CEO Andrew Lacik said neither inflation nor higher living costs had negatively affected jewellery sales.
“The United States has record low unemployment rates, salaries are going up quite a bit, and people have high savings, so there’s plenty of disposable income still available,” he said.
“We maintained solid growth [compared with] pre-pandemic levels, despite negative impacts by lockdowns in China and a tough US comparison due to the stimulus cheques last year.
“When we look at our core metrics such as store traffic, basket size, and average selling price across the globe and across every sales channel, we simply cannot see any discernable impact of high inflation.”
The decline in the US was attributed to the fading effect of an earlier stimulus package released in response to the COVID pandemic.
The majority of the European markets have seen double-digit rises, led by Germany (18 per cent), the UK (15 per cent) and Italy (15 per cent).
Pandora still expects organic growth of between 4 per cent and 6 per cent for the full year and an operating profit margin of 25.0 -25.5 per cent.
With more than 6,400 stores worldwide, Pandora is the world’s largest mass-market jewellery brand. Lacik also confirmed that the company has decided to postpone a scheduled brand overhaul in the US market. That overhaul is now expected to take place in 2023.
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