Pandora, the Danish jewelry company famous for its charm bracelets, has reported a 15% increase in revenue for the second quarter, despite challenges in global consumer spending.
The company, which is shifting its identity from a charm bracelet maker to a full jewelry brand, revealed that sales of lab-grown diamonds rose by an impressive 88% during the quarter. However, these sales still represent less than 1% of total revenue, amounting to just $9 million.
Pandora’s total revenue for Q2 reached $999 million, compared to $870 million during the same period last year. This growth was mainly driven by a 10% like-for-like sales increase in key European markets, while the U.S. market saw a 5% rise. The company also experienced overall growth of 18% in the first quarter of 2024.
In response to its solid performance, Pandora raised its guidance for organic growth to a range of 9-12%, up from the previous estimate of 8-10%. The company noted that trading in the third quarter remains strong, with underlying like-for-like growth at mid-single-digit levels.
“Q2 2024 marked the fourth consecutive quarter of double-digit organic growth, despite a challenging environment for consumers worldwide,” the company stated. “This performance demonstrates the success of our Phoenix strategy, launched in 2021 to promote growth and sustainability.”
Pandora’s president and CEO, Alexander Lacik, commented on the results, saying, “Our strategy is driving Pandora to new heights, even though consumer spending has been somewhat restrained. We’ve made significant progress in repositioning Pandora as a full jewelry brand, and it’s clear that consumers are responding positively to our efforts.”
