Broad-based LFL growth across markets; key markets in Europe improves to +4% growth, US sees improvement to +5% and Rest of Pandora continues strong momentum at +22% LFL. The gross margin reached an all-time high of 79.0%, +230bp vs. Q3 2022, supported by channel mix, cost efficiencies and price increases.
The EBIT margin landed at 16.5% in Q2 2023, in line with expectations. Full-year EBIT margin to be around 25%.
Highlighting Phoenix strategy, at a Capital Markets Day in October, Pandora initiated the new chapter of Phoenix: transform the perception of Pandora into a full jewellery brand and accelerate growth. Increased investments into the brand are already showing good signs with several global brand campaigns and fashion events driving greater consumer engagement across all major touchpoints.
Brand heat combined with strong product designs delivered broad-based LFL growth across collections. Moments and Pandora ME generated +7% and +12% LFL respectively whilst Timeless continued to show even stronger LFL growth at +21%. In late August, Pandora notably expanded its assortment in Lab-Grown Diamonds. In Q3, the collection generated +84% LFL, although from a low base.
2023 Guidance and current trading is positive at Pandora. The organic growth guidance range is upgraded to +5% to +6% (previously +2% to +5%). The EBIT guidance remains unchanged at, around 25%. Current trading in Q4 2023 is healthy with underlying LFL growth up at high-single digit levels. Pandora continues to remain mindful of the macroeconomic climate.
Alexander Lacik, President and CEO of Pandora, says, “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”.
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