Pandora profits up 13% as it prioritises jewellery
Looking ahead to FY25 Pandora expects organic growth between 7% and 8% in 2025 and an EBIT margin of roughly 24.5%
Pandora has seen its EBIT rise 13% to £890m in its FY24 as a result of its ‘Phoenix strategy’ pushing it towards becoming a “full jewellery brand”.
Alongside this, the company’s sales increased 13% to £3.53bn for the period, driven by strong online growth accounting for 27% of revenues and performance of its core jewellery collections.
In Q4 alone Pandora saw organic growth of 11%, comprising LFL growth of 6% and network expansion of 5%.
For the full year, the company saw LFL growth in its “core” segment of 2% whilst its “fuel with more” segment saw 22% growth.
Pandora stated that like-for-like growth was driven by solid performance across the US, with comparative sales in the UK falling 2% as a result of “dampened consumer sentiment”.
Looking ahead to FY25, Pandora expects organic growth between 7% and 8% in 2025 and an EBIT margin of roughly 24.5%.
Alexander Lacik, president and CEO, said: “We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period.Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year.
“In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development. In August, Pandora reported its UK sales had risen marginally during its second quarter, as it benefitted from an increase in traffic during the period.”
