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Pandora has increased its full-year organic growth guidance range to between a 5% and 6% increase, up from a 2% to 5% increase as a result of a strong Q3.
The company’s organic growth was up 11% like-for-like for Q3 with growth increasing 9%.
Alongside this, Pandora’s EBIT margin landed at 16.5% in Q2 2023, in line with expectations and it expects its full-year EBIT margin to be around 25%.
The company posted revenues of DKK 5.57bn (£650m) in Q3 2023, up from DKK 5.26 (£620m) in the same period in 2022.
The retailer also stated that its current trading in Q4 2023 is healthy with underlying LFL growth up at high-single digit levels.
Alexander Lacik, president and CEO of Pandora, said: “We are very pleased with our results this quarter. Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst 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.”
