Pandora has raised its full year revenue guidance following a strong performance in the second quarter of the year.
The Danish Jewellery maker, best known for its charm bracelets, said today that it expects organic sales growth for the year to be in the range of two per cent to five per cent, up from a range of a contraction of two per cent to growth of three per cent.
The updated forecast came alongside the groups second quarter results, where the firm reported revenue of DKK 5.89bn (£6.8bn) – a five per cent increase on the same period last year.
Operating profit, however, declined to DKK 1.18 (£1.37bn) down from DKK 1.24bn (£1.44bn) for the same quarter last year. But the retailer said this was expected due to planned investments into growth.
In its UK market, where it has 241 stores, revenue growth during the quarter remained unchanged sitting at DKK 656m (£757m). Demand in Germany proved strongest with revenues rising 11 per cent.
Across the globe in Asia, Pandora also said it was making its first steps to re-launch the brand in China following three years of disruption in the market due to the country’s strict pandemic rules.
“We are pleased with delivering yet another solid quarter against a backdrop of macroeconomic uncertainty,” Alexander Lacik, chief executive of Pandora, said.
“We have consistently demonstrated that the foundations built under the Phoenix strategy are yielding positive results,” he said. “We will continue to push ahead with our strategic initiatives for the second half of 2023 and beyond, including the expansion of our assortment in Diamonds and the ongoing roll-out of our new store concept.”