Growth continues – 3rd straight quarter with record revenue -Diamonds by Pandora to be launched in North America on 25 August



  • Organic growth of 3% in Q2 2022 (17% growth vs Q2 2019). On track to deliver on the guidance for 2022
  • High quality growth underpinned by solid performance in our core Moments platform, supported by a continued strong performance in Collabs and in particular the new Marvel collection
  • US was down 12% compared with Q2 2021, as the market is comping the unusual effects from last year’s stimulus cheques. US delivered strong organic growth of 59% vs Q2 2019 - in line with Q1 2022.
  • Key European markets delivered double digit organic growth vs 2021. Other larger markets like Spain and Mexico also delivered double digit growth
  • China was negatively impacted by COVID-19, dragging down group organic growth by 4pp vs 2021 and 7pp vs 2019   
  • Online continued to perform well with organic growth of almost 100% vs Q2 2019
  • The EBIT margin remains strong with Q2 2022 ending at 22.1%
  • Free cash flow ended at DKK 0.5 billion. A further deliberate increase in inventories temporarily impacts cash conversion negatively in the quarter
  • During Q2 2022, DKK 0.7 billion was distributed to shareholders (year to date DKK 3.5 billion). In total, Pandora plan to distribute DKK 5.3 billion to its shareholders in 2022, equivalent to around 10% of market cap
  • Leverage remains low (NIBD to EBITDA at 1.0x) and Pandora has a strong liquidity and funding position
  • Diamonds by Pandora to be launched in North America on 25 August

Pandoras guidance for full year 2022 is unchanged. Organic growth is expected to end in the range of 4-6% and EBIT margin in the range of 25-25.5%. The macroeconomic outlook is associated with elevated uncertainty.

Alexander Lacik, President and CEO of Pandora, says:
“We are very pleased to see our efforts continuing to pay off as we deliver yet another record revenue quarter. We maintained solid growth vs pre-pandemic levels, despite negative impacts by lockdowns in China and a tough US comparison due to the stimulus cheques last year. Execution of the Phoenix strategy is progressing well, initiatives like network expansion, new store concept development and introduction of a new customer loyalty program to mention a few are on track. We remain optimistic and encouraged by the growth opportunities ahead of us. We are thrilled to announce the launch of our Diamonds by Pandora collection in North America on 25 August. Another important milestone on our mission to democratise the jewellery market.”

Financial overview:

DKK million Q2 2022 Q2 2021 H1 2022 H1 2021 FY 2021 FY 2022 guidance

Revenue 5,655 5,155 11,344 9,655 23,394  
Organic growth, % 3% 84% 11% 42% 23% 4-6%
Sell-out growth incl. temporarily closed stores, % 2% 62% 9% 41% 20%  
Operating profit (EBIT) 1,249 1,301 2,559 2,204 5,839  
EBIT margin, %
22.1% 25.2% 22.6% 22.8% 25.0% 25-25.5%