The world’s largest mass-market jewelry brand, Pandora, has reported a modest increase in revenue in the opening quarter of 2023.
Revenue improved by one percent on a year-by-year comparison, reaching $US864.8 million ($AU1.28 billion).
The Copenhagen-based business opened 87 new concept stores and 112 new stores worldwide. Online sales decreased by six percent.
“We have started 2023 well with resilient improvement and solid margins,” CEO Alexander Lacik said in a statement.
“Our investments in lifting the brand are paying off with a good performance from our Moments brand and strong results from the newer platforms, Timeless and Pandora ME. It’s clear that we are increasingly the jewelery brand of choice, particularly for gifting occasions.”
Pandora has adjusted its forecast for the full year following the opening quarter sales results, anticipating an organic revenue decrease of between two and three percent.
More reading
Pandora creates €500 million ‘sustainability’ bond
Sales rise for Pandora in Q3, forecast remains positive
Pandora to introduce lab-created diamonds to US market
Another quarter of record revenue for Pandora
Record sales for Pandora Jewelry– “all-time high revenue”
Pandora anticipates continued growth following Q1
