Pandora has revised its annual forecast upwards, driven by robust first-quarter sales fueled by the rising popularity of its lab-grown diamond collections. The Danish jeweler now anticipates a revenue growth of 8% to 10% for 2024, an increase from its previous projection of 6% to 9%, as announced last week.
For the first three months, revenue surged by 17% year-over-year to DKK 6.83 billion ($986.3 million), reflecting an 18% organic growth—a key metric akin to comparable-store sales.
The significant growth is primarily attributed to an 87% increase in like-for-like sales within Pandora’s synthetic diamond range, which generated DKK 63 million ($9.1 million). Pandora currently offers its lab-created diamond jewelry in 700 stores across the US, Canada, the UK, Australia, Mexico, and Brazil, with North America being the largest revenue contributor. Additionally, the collection is creating a “halo effect,” boosting sales across Pandora’s other jewelry categories.
