Pandora has revised its annual forecast upwards, buoyed by robust sales in the first quarter, primarily fueled by the soaring popularity of its lab-grown diamond assortments. The Danish jeweller anticipates a revenue growth of 8% to 10% for 2024, compared to its previous projection of 6% to 9%, as disclosed last week. Revenue for the initial three months escalated by 17% year-over-year to DKK 6.83 billion ($986.3 million), marking an 18% organic growth—a metric akin to comparable-store sales.
The upswing is predominantly attributed to an 87% surge in like-for-like sales within Pandora's synthetic diamond range, amassing DKK 63 million ($9.1 million). Presently, Pandora retails its lab-created diamond jewellery across 700 outlets in the US, Canada, the UK, Australia, Mexico, and Brazil, with North America constituting the lion's share of revenue. Moreover, the collection is catalyzing a "halo effect" across the company's other jewelry categories, according to its observations.
