PARIS — Pandora on Wednesday raised its guidance after maintaining a double-digit growth pace in the third fiscal quarter of 2024.
Reporting results for the three months ending Sept. 30, the Danish jewelry behemoth reported sales grew 11 percent to 6.103 billion Danish kroner, or $879 million.
Highlighting the ongoing transformation of Pandora into a full jewelry brand, chief executive officer Alexander Lacik expressed satisfaction at “strong results this quarter, particularly in the context of the current macroeconomic backdrop.”
This marks the fifth consecutive quarter of double-digit organic growth for the company.
It is now expecting growth of between 11 and 12 percent, compared to the 9 to 12 percent guidance range it updated in May.
Trading in October is “mid-single-digit levels, in line with the underlying trends witnessed since the start of the year,” the company added.
In the third quarter, the brand’s core charms business increased 2 percent in like-for-like terms, while its “Fuel for more” segment, which includes its lab-grown diamond business, was up 21 percent despite tough comparatives.
Across geographies, the strongest growth was in the “Rest of Pandora” grouping of markets outside the U.S. and Pandora’s four European markets of the U.K., France, Germany and Italy.
Accounting for 35 percent of the jeweler’s business, it grew 14 percent in like-for-like terms, while the U.S. and key European markets rose 6 percent and 4 percent, respectively.
In the first nine months of 2024, the company’s sales totaled 17.32 billion Danish kroner, or $2.49 billion.
