Pandora raised its guidance for the full year following stronger-than-expected sales in its first quarter, driven by high demand for its lab-grown diamond collections. The Danish jeweler now expects revenue for 2024 to grow by 8% to 10%, compared to the 6% to 9% it previously stated, it said last week. Revenue for the first three months climbed 17% year on year in the first quarter to DKK 6.83 billion ($986.3 million), rising 18% on an organic basis — a similar metric to comparable-store sales.
The increase is the result of a gain of 87% on a like-for-like basis in the company’s synthetic-diamond collection, totalling DKK 63 million ($9.1 million). Pandora now sells its lab-grown diamond jewelry in 700 stores in the US, Canada, the UK, Australia, Mexico and Brazil, with North America accounting for the largest proportion of revenue. Additionally, the collection is creating a “halo effect” on the company’s other jewellery groupings, it noted.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JewelBuzz