(News Bulletin 247) – Pandora announces its results for the first quarter of 2023. The brand records its fourth consecutive quarter of resilient growth and reports revenues of DKK 5.850 million. Organic growth for the 1st quarter of 2023 is 1% and like-for-like growth (LFL) is 0%.
‘Gross margins continued the upward trend seen in recent years and reached 77.5%, +1.5 points compared to Q1 2022. Actions on price, channel mix and product headwinds base contribute positively ‘, emphasizes the company.
The EBIT margin was 21.5%, down 1.5 points compared to Q1 2022, notably reflecting the timing of revenues and costs. Full-year EBIT margin is expected to be ‘broadly in line with last year’, says Pandora.
Reflecting the strong start to the year, the organic growth guidance range is updated to ‘-2% to +3%’ (previously -3% to +3%). The EBIT margin target remains unchanged at ‘Around 25%’.
Alexander Lacik, President and CEO of Pandora, said: ‘Our investments in building the brand are paying off. The macroeconomic outlook remains uncertain, but we are confident in our ability to adapt and thrive. ‘
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