Pandora exceeds guidance: Strong Q4 sales lift full year organic growth to 8%


Following a strong end to 2023 with double-digit organic growth in the fourth quarter and solid profitability, the preliminary and unaudited results for 2023 exceed the full-year guidance communicated on 8 November 2023.

Key Q4 2023 highlights (preliminary and unaudited):

  • Q4 2023 organic growth accelerates to +12% boosted by LFL (Like-for-Like) growth of +9%.
  • Continued brand momentum drove strong performance across the key trading events of Black Friday and Christmas.
  • Broad-based LFL growth across markets: key markets in Europe remained solid at 5% growth, US accelerated to +10% growth and Rest of Pandora continued strong double-digit growth at +16%. 
  • Strong LFL growth across collections with Moments and Pandora ME delivering +4% and +6% growth, respectively. Timeless accelerated further with +31% growth whilst Pandora Lab-Grown Diamonds built further momentum with +83% growth.
  • The preliminary and unaudited Q4 2023 EBIT margin landed at 34%, +1.5pp Y/Y, helped by the solid growth, cost efficiencies and cost phasing as well as some tailwinds from FX/commodities.

The preliminary and unaudited results exceed the previously announced guidance

  • As a result of the strong Q4 performance, full-year 2023 organic growth reached +8%, above the previously communicated guidance of “+5% to +6%”.
  • The EBIT margin for 2023 landed at 25%, in line with the company’s guidance of “around 25%”.

Alexander Lacik, President and CEO of Pandora, says:
“We are very pleased with our results across the peak trading season, and how we closed 2023. It’s clear that our brand resonates well with consumers and continues to gain strength. The success in 2023 is also testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level.”  

DKK billionQ4 2023Q4 2022FY 2023FY 2022
Organic growth, %+12%+4%+8%+7%
Like-for-Like, %+9%-1%+6%+4%
EBIT margin, %134%32.5%25%25.5%


1The results for 2023 are preliminary and unaudited. The EBIT margin for 2023 is therefore shown without a decimal.