The world’s largest mass-market jewelry brand, Pandora, reported a three per cent rise in sales in third quarter of 2022.
Sales reached $US706 million ($AU1.09 billion) for the three-month period ending 30 September, a rate of increase slower than that of 2021 with strong performance in the previous year spurred on by pandemic government stimulus measures.
With more than 6,400 stores worldwide, Pandora expects revenue for the full year to be between $US3.48 billion ($AU5.41 billion) and $US3.55 billion ($AU5.52 billion).
Pandora CEO and president Andrew Laik said: “We continued our growth journey in the third quarter and are well prepared for peak trading in November-December with an exciting product line-up. Our launch of Diamonds by Pandora is off to an encouraging start and new products will be added to the platform to fuel holiday momentum.”
He added: “Despite macroeconomic and geopolitical uncertainty, the shopping patterns of our consumers is so far largely unchanged. With strong financials and our position in affordable gifting, we are well equipped to weather a potential recession and seize relevant investment opportunities, for example to expand our store network.”
Pandora’s Q3 report also acknowledged the impact of store closures in Russia and Ukraine following the invasion in late February.
Featuring lab-created diamonds, Diamonds by Pandora has comprised of nearly five per cent of total revenue in the US since its debut in August. The range is currently available in 269 stores.
Online sales dropped by 11 per cent year-on-year in the third quarter, representing 16 per cent of total revenue.
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