February 7, 2024 7:30 AM CET
Pandora delivers 8% organic growth in 2023 - targeting 6-9% growth in 2024
FY 2023 highlights
The Phoenix strategy is elevating Pandora as the leading accessible jewellery brand globally. Investments across the value chain drove solid growth in 2023 and pave the way for continued growth in 2024.
Organic growth ended at +8% (previous guidance of "5-6%"), comprising of LFL (like-for-like) of +6% and network expansion of +4%.
The gross margin strengthened further during 2023 and ended at 78.6%, up 230bp Y/Y. The EBIT margin remained solid at 25.0% (guidance of "around 25%"). EPS increased to a record-high DKK 55.5.
Strong free cash flow saw cash conversion ending at 78% and leverage at 1.1x NIBD/EBITDA.
Proposed dividend of DKK 18 per share and a new share buyback programme of DKK 4.0 billion to be completed no later than 31 January 2025.
Q4 2023 highlights
Continued brand momentum drove solid trading across Q4 2023. Organic growth accelerated to +12%, comprising of LFL growth of +9% and network expansion of +4%.
Broad-based LFL growth in Q4 across markets. Key markets in Europe remained solid at 5% growth, US accelerated to +10% growth and Rest of Pandora continued double-digit growth at +16%.
The Q4 gross margin reached another all-time high of 79.3%, +310bp vs. Q4 2022.
The Q4 EBIT margin landed at 34.0%, +150bp vs. Q4 2022, supported by solid growth, cost efficiencies and cost phasing, as well as some tailwind from silver prices.
Phoenix strategy highlights
Continued brand investments drove broad-based LFL growth across collections - successful launch of new "Loves, Unboxed" holiday campaign fuelled further brand momentum.
Pandora concluded the first chapter of its Phoenix strategy initiated at the CMD 2021 with an organic growth CAGR of 7.5% (5-7% target CAGR 2021-23) and EBIT margin of 25.0% (target 25-27% by 2023).
Full transition to recycled gold and silver completed a year before plan - avoids 58,000 tonnes CO2 p.a.
2024 Guidance and current trading
Pandora targets another year of solid growth whilst remaining mindful of the macroeconomic climate. Initial guidance for 2024 is "6-9%" organic growth and an EBIT margin "around 25%".
Current trading in Q1 2024 has so far remained healthy with LFL growth up at high single-digit levels. This is helped by the strong brand momentum seen since mid-2023.
Alexander Lacik, President and CEO of Pandora, says:
"We are very pleased with how we ended 2023 with strong trading across the holiday season. Looking back at the past two years since we launched the Phoenix growth strategy, we are proud of how our strategic initiatives have come together to consistently drive strong results despite the challenging macroeconomic backdrop. In 2024, we target continued solid and profitable growth as we execute on the next chapter of Phoenix."
DKK million Q4 2023 Q4 2022 FY 2023 FY 2022 FY 2024 guidance
Revenue 10,820 9,856 28,136 26,463
Organic growth, % 12% 4% 8% 7% 6-9%
Like-for-like, % 9% -1% 6% 4%
Operating profit (EBIT) 3,674 3,206 7,039 6,743
EBIT margin, % 34.0% 32.5% 25.0% 25.5% Around 25%
Pandora delivers 8% organic growth in 2023 - targeting 6-9% growth in 2024
FY 2023 highlights
The Phoenix strategy is elevating Pandora as the leading accessible jewellery brand globally. Investments across the value chain drove solid growth in 2023 and pave the way for continued growth in 2024.
Organic growth ended at +8% (previous guidance of "5-6%"), comprising of LFL (like-for-like) of +6% and network expansion of +4%.
The gross margin strengthened further during 2023 and ended at 78.6%, up 230bp Y/Y. The EBIT margin remained solid at 25.0% (guidance of "around 25%"). EPS increased to a record-high DKK 55.5.
Strong free cash flow saw cash conversion ending at 78% and leverage at 1.1x NIBD/EBITDA.
Proposed dividend of DKK 18 per share and a new share buyback programme of DKK 4.0 billion to be completed no later than 31 January 2025.
Q4 2023 highlights
Continued brand momentum drove solid trading across Q4 2023. Organic growth accelerated to +12%, comprising of LFL growth of +9% and network expansion of +4%.
Broad-based LFL growth in Q4 across markets. Key markets in Europe remained solid at 5% growth, US accelerated to +10% growth and Rest of Pandora continued double-digit growth at +16%.
The Q4 gross margin reached another all-time high of 79.3%, +310bp vs. Q4 2022.
The Q4 EBIT margin landed at 34.0%, +150bp vs. Q4 2022, supported by solid growth, cost efficiencies and cost phasing, as well as some tailwind from silver prices.
Phoenix strategy highlights
Continued brand investments drove broad-based LFL growth across collections - successful launch of new "Loves, Unboxed" holiday campaign fuelled further brand momentum.
Pandora concluded the first chapter of its Phoenix strategy initiated at the CMD 2021 with an organic growth CAGR of 7.5% (5-7% target CAGR 2021-23) and EBIT margin of 25.0% (target 25-27% by 2023).
Full transition to recycled gold and silver completed a year before plan - avoids 58,000 tonnes CO2 p.a.
2024 Guidance and current trading
Pandora targets another year of solid growth whilst remaining mindful of the macroeconomic climate. Initial guidance for 2024 is "6-9%" organic growth and an EBIT margin "around 25%".
Current trading in Q1 2024 has so far remained healthy with LFL growth up at high single-digit levels. This is helped by the strong brand momentum seen since mid-2023.
Alexander Lacik, President and CEO of Pandora, says:
"We are very pleased with how we ended 2023 with strong trading across the holiday season. Looking back at the past two years since we launched the Phoenix growth strategy, we are proud of how our strategic initiatives have come together to consistently drive strong results despite the challenging macroeconomic backdrop. In 2024, we target continued solid and profitable growth as we execute on the next chapter of Phoenix."
DKK million Q4 2023 Q4 2022 FY 2023 FY 2022 FY 2024 guidance
Revenue 10,820 9,856 28,136 26,463
Organic growth, % 12% 4% 8% 7% 6-9%
Like-for-like, % 9% -1% 6% 4%
Operating profit (EBIT) 3,674 3,206 7,039 6,743
EBIT margin, % 34.0% 32.5% 25.0% 25.5% Around 25%
7/2 2024 09:08 ProInvestorNEWS 0
118604 Pandora venter fortsat pæn vækst - men ligger i underkanten af forventningerne
7.2.2024 07.43 • MarketWire •
Pandora venter i 2024 en organisk vækst på 6 pct. til 9 pct., og en EBIT-margin på omkring 25 pct.
Det fremgår af regnskabet for fjerde kvartal 2023, der er offentliggjort onsdag morgen.
Det økonomiske udsyn er fortsat usikkert i 2024. Inflation og høje renter kan presse kunderne på mange af vore markeder, skriver smykkeselskabet i regnskabet og påpeger, at den lave ende af væksten afspejler en forværring af makroøkonomien.
Midterpunktet af Pandoras forventninger er en organisk vækst på 7,5 pct. - og det er i underkanten af det, analytikerne ventede forud for regnskabet. De havde set frem til organisk vækst på 8 pct., og en driftsmargin på 25,5 pct., viser et estimat indsamlet af Pandora selv blandt op til 18 analytikere.
I 2023 landede den organiske vækst på 8 pct. og EBIT-marginen på 25 pct.
Pandora kom i oktober med en opdatering af smykkeselskabets Phoenix-strategi og de finansielle målsætninger ved en kapitalmarkedsdag i London.
Den organiske vækst ventes at ligge på 7-9 pct. gennemsnitligt i perioden fra 2023-2026, hvor forventningerne til den sammenlignelige vækst - såkaldt like-for-like - er på 4-6 pct. En ekspansion af butiksnetværket skal efter planen levere de resterende 3 procentpoint til væksten.
EBIT-marginen ses samtidig lande på 26-27 pct. i 2026, mens EBIT-resultatet for 2026 ventes at lande på 8,8-9,7 mia. kr.
.\˙ MarketWire
7.2.2024 07.43 • MarketWire •
Pandora venter i 2024 en organisk vækst på 6 pct. til 9 pct., og en EBIT-margin på omkring 25 pct.
Det fremgår af regnskabet for fjerde kvartal 2023, der er offentliggjort onsdag morgen.
Det økonomiske udsyn er fortsat usikkert i 2024. Inflation og høje renter kan presse kunderne på mange af vore markeder, skriver smykkeselskabet i regnskabet og påpeger, at den lave ende af væksten afspejler en forværring af makroøkonomien.
Midterpunktet af Pandoras forventninger er en organisk vækst på 7,5 pct. - og det er i underkanten af det, analytikerne ventede forud for regnskabet. De havde set frem til organisk vækst på 8 pct., og en driftsmargin på 25,5 pct., viser et estimat indsamlet af Pandora selv blandt op til 18 analytikere.
I 2023 landede den organiske vækst på 8 pct. og EBIT-marginen på 25 pct.
Pandora kom i oktober med en opdatering af smykkeselskabets Phoenix-strategi og de finansielle målsætninger ved en kapitalmarkedsdag i London.
Den organiske vækst ventes at ligge på 7-9 pct. gennemsnitligt i perioden fra 2023-2026, hvor forventningerne til den sammenlignelige vækst - såkaldt like-for-like - er på 4-6 pct. En ekspansion af butiksnetværket skal efter planen levere de resterende 3 procentpoint til væksten.
EBIT-marginen ses samtidig lande på 26-27 pct. i 2026, mens EBIT-resultatet for 2026 ventes at lande på 8,8-9,7 mia. kr.
.\˙ MarketWire
