Pandora: FY 2024 forecasts raised after solid Q1

(CercleFinance.com) - Pandora reported a stronger-than-expected rise in Q1 operating profit on Thursday, thanks to the effects of its strategic plan, leading the Danish jeweler to raise its FY forecasts.


Q1 EBIT reached E1.5bn DKK(around E200m), compared with 1.25bn DKK a year ago and the consensus figure of 1.31bn DKK.

The group explains that it benefited from the effects of its "Phoenix" program, which resulted in a repositioning of the brand and the launch of a new marketing campaign, christened "Be Love".

Its gross margin reached a record 79.4%, while its EBIT margin improved by 0.5 point to 22%.

After posting organic growth of 18% in Q1, Pandora now expects FY organic sales growth of 8% to 10%, up from 6% to 9%.

Its operating margin forecast remains unchanged at around 25%.

Listed on the Copenhagen Stock Exchange, Pandora shares jumped 6% following this publication, making it one of the biggest winners on the pan-European STOXX 600 index.


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