Pandora enjoyed a 9 percent increase in revenue in the fourth quarter of 2022 amid strong demand for its lab-created diamond range.
The world’s largest mass-market jewelry brand reported an increase in full-year sales of 13 per cent to $US3.82 billion ($AU5.53 billion), while profit increased by 21 per cent to $US726.7 million ($AU1 .05 billion).
According to CEO Andrew Lacik the key to these results was the success of Diamonds by Pandora, a range featuring lab-created diamonds which is now available in more than 260 stores in the US.
“We are convinced that the opportunity is vast. We believe the brand is ready to be stretched with the category selling at 15 times the average selling price from Pandora’s traditional US products,” Lacik said.
Sales in the US and the UK remained strong and outweighed a decline in China which was attributed to ongoing issues with the pandemic. European markets including Italy, France, and Germany, also declined due to weakened consumer sentiment.
For 2023, Pandora’s most optimistic forecast is a sales improvement of around 3 percent, despite uncertainty around the economy and flow-on effects on consumer demand.
“We start off with a little bit of a wider view and as the year goes by, we expect that this will keep narrowing,” Lacik told Reuters.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid improvement compared with pre-pandemic levels.”
Pandora operates more than 6,400 stores worldwide and remains based in Copenhagen.
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