Pandora ups guidance as margin hits record high
Pandora has upped its revenue guidance as its gross margin hits record levels and a plan to “restage” the brand begins bearing fruit.
The jewellery retailer, which operates some 280 stores in the UK, has reported 18% organic growth for Q1 FY24, with like-for-like sales up 11% during the period.
Revenue increased by DKK 1bn (£0.11bn) compared with Q1 2023, while gross margin reached a record high of 79.4%, which Pandora said was aided by its channel mix and pricing as well as tailwinds from lowered silver prices and foreign exchange rates.
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