Record revenue and sell-out in the fourth quarter - Sustainable and profitable growth to continue



  • Strong and broad-based growth in Q4 with 12% sell-out growth vs 2019
  • Full year organic growth of 23% vs 2020 and EBIT margin of 25.0% both exceeded the guidance
  • US remained strong with sell-out growth of 39% vs Q4 2019
  • Performance in China was unsatisfactory and negatively impacted by COVID-19. Sell-out growth ended at -39% vs Q4 2019. Pandoras continue to see significant opportunities to grow in China
  • The Moments platform continue to deliver strong results, including a successful Christmas collection  
  • Online sustained the strong performance with 91% organic growth vs Q4 2019
  • Pandora ME relaunch was well received, delivering 57% growth compared to the initial launch in 2019
  • Solid Q4 EBIT margin of 29.7% driven by operating leverage. The Q4 results include a write-down of IT assets and a larger bonus pool, in total non-recurring cost of around DKK 100 million
  • Pandora generated a strong cash flow in 2021, and leverage ended at only 0.4x NIBD to EBITDA
  • Pandora continues distributions to shareholders with proposed dividend of DKK 16 per share and a new share buyback programme of DKK 3.3 billion

Pandora expects the sustainable and profitable growth to continue. Pandora guide for an “organic growth of 3-6%” in 2022. The EBIT margin is expected to be “25.0-25.5%”. Pandora also reconfirms the 2021-2023 organic growth CAGR of 5-7% communicated at the Capital Markets Day, thereby raising the absolute revenue target for 2023 by DKK 1.9-2.2 billion to DKK 27.0-28.1 billion.

Current trading remain solid and confirm that Pandora is back on the growth track. Organic growth was 23% in January 2022. It should be noted that January 2021 was impacted by COVID-19 lock-downs, making it an easier comparison.

Alexander Lacik, President and CEO of Pandora, says:
“We end 2021 on a high note with record-breaking revenue and sell-out in Q4, and I am pleased that we are able to increase our 2023 revenue target by around DKK 2 billion. I am particularly pleased that our strong growth was broad-based across key markets. Our investments in digital are clearly paying off, Moments is showing solid growth, and we are encouraged by the new product platforms Pandora ME and Brilliance. With this – and with network expansion accelerating in 2022 – I am confident that we have all the ingredients to deliver sustainable and profitable revenue growth in the years to come.”

Financial overview (excl. Programme NOW restructuring costs in 2020)

 Q4 2021Q4 2020FY 2021FY 2020
Organic growth, % 10%4%23%-11%
Sell-out growth incl. temporarily closed stores, % 11%1%20%-12%
Organic growth, % vs 201915%n/a9%n/a
Sell-out growth incl. temporarily closed stores, % vs 201912%n/a7%n/a
Revenue, DKK million9,0117,89123,39419,009
Gross margin, %75.7%75.7%76.1%76.5%
EBIT margin, %29.7%31.8%25.0%20.4%