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.
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.
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”
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