Pandora reported an 11 per cent growth in the third quarter of 2023, owing to solid branding strategies. The Danish jeweller also upgraded its full-year growth guidance.

The company traced its solid Q3 performance to its “Phoenix” strategy of investing in marketing and network expansion. Q3 revenues reached DKK5.57 billion (around US$800 million) from DKK5.26 billion (approximately US$750 million) in Q3 2022. 

Like-for-like (LFL) growth was 9 per cent while network expansion saw a 4 per cent uptick. Pandora also reported broad-based LFL growth across key markets: Europe (up 4 per cent); the US (up 5 per cent); and other markets (up 22 per cent).

Alexander Lacik, president and CEO of Pandora, commented, “Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth while our all-time high gross margin underpins our unique earnings model. We raise our guidance for the full year and continue to see very exciting opportunities ahead for Pandora, as we embark on the next chapter of our growth strategy.”

The jeweller now expects a 5 per cent to 6 per cent growth in 2023, up from 2 per cent to 5 per cent previously.