Pandora’s 2024 Annual Report marks the beginning of fully integrated financial and sustainability reporting.
The report highlights the growing strategic importance of sustainability in their business. According to the FY 2024 key takeaways suggest, 2024 was another successful year for Pandora.
Delivering on the Phoenix strategy, Pandora continued to elevate itself as a full jewellery brand, driving more consumers into the brand. Revenue and EBIT increased by 13% to reach DKK 31.7 billion and DKK 8.0 billion, respectively. Organic growth ended at 13% (guidance of 11-12%), comprising of Like-For-Like (LFL) of 7% and network expansion of 5%.
The gross margin continued to strengthen and ended at 79.8%, up 120bp Y/Y. The EBIT margin remained solid at 25.2% (guidance at, around 25%). This helped drive 17% EPS growth to a new record-high of DKK 65.
Strong progress on working capital drove cash conversion of 85%. Leverage ended at 1.1x NIBD/EBITDA.
Pandora’s 2024 Annual Report also highlights the Q4 2024. That highlights are,
1: Growth remained solid through Q4 2024. Organic growth ended at 11%, comprising of LFL growth of 6% and network expansion of 5%.
2: Q4 LFL growth was driven by strong performance in the US of 9% and Rest of Pandora at 11%. Growth in key markets in Europe was slower at 0%.
3: The Q4 gross margin reached 79.8%, +50bp Y/Y, supported by pricing. In line with expectations, the Q4 EBIT margin expanded by 70bp to reach 34.7%.
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