Pandora said business was strong in the first three months of 2022 – reflecting a historical growth for a first quarter – on the back of steady demand and successful sales strategies.

Revenues rose 21 per cent year-on-year to DKK5.7 billion (around US$813 million) during the period in review, with the US and Europe driving sales. Other key markets also recorded double-digit growth.

Alexander Lacik, president and CEO of Pandora cited a “strong start to the year,” with the jeweller delivering record revenue for a first quarter. 

Pandora’s Moments collection delivered sturdy results, fuelled by Valentine’s Day sales and product launches, including the Padlock concept. Collaborations also contributed to the company’s Q1 performance, with the introduction in February of its latest partnership with the Marvel franchise garnering positive market response. The Pandora-Marvel collaboration was particularly well-received in the US.

The US market grew 7 per cent in Q1 2022 although Pandora expects business to slow down in the absence of government-backed stimulus checks. Store acquisitions and a new partnership with Macy’s could however support US operations. 

European markets, Italy, France and Germany in particular, recorded 33 per cent, 35 per cent and 43 per cent growth, respectively as demand improved. China, which is facing severe coronavirus outbreak amid a zero-Covid policy, saw an 18 per cent decline in revenues. Pandora said it expects more headwinds in the Chinese market, which it hopes to resolve though brand repositioning.  

The company now expects sales to grow between 4 per cent to 6 per cent from an earlier forecast of 3 per cent to 6 per cent. “The financial guidance for 2022 is subject to elevated uncertainty,” it noted, adding that the war in Ukraine alongside Covid-related and other macroeconomic challenges could affect future revenue growth.