Pandora reported a 15 per cent growth in its Q2 revenue, despite “sluggish” consumer spending”.
The Danish company, best known for its charm bracelets but repositioning itself as a “full jewelry brand”, said like-for-like lab grown sales had soared by 88 per cent during the quarter, although at $9m they represent less than one per cent of all sales.
Total revenue for Q2 was $999m, up from $870m in the second quarter of last year, driven by 10 per cent like-for-like growth in key European markets. Growth in the US was 5 per cent. Overall growth in Q1 was 18 per cent.
Pandora said it had increased its guidance for organic growth guidance to “9-12 per cent” (previously “8-10 per cent”) and that current trading in Q3 remained healthy with an underlying LFL growth at mid-single digit levels.
The company said: “Q2 2024 was the fourth consecutive quarter with double-digit organic growth, despite a still challenging global backdrop for consumers. The performance reflects the relevance of and good execution on the Phoenix strategy (a 2021 initiative to promote growth and sustainability).”
Alexander Lacik, president and CEO of Pandora, said: “Our strategy continues to take Pandora to new heights despite general consumer spending being somewhat sluggish.
“We have successfully started the journey to make Pandora known as a full jewellery brand, and our results show that consumers like what they see.”
In a Bloomberg TV interview, Lacik said that within a decade he expected a half of all diamonds sold to be lab grown.
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