Pandora reports 13% organic growth in 2024, targets 7-8% in 2025

LONDON: Pandora, the global jewelry brand, announced a successful year in 2024, achieving a 13% organic growth rate and setting a target of 7-8% growth for 2025. The company’s full-year revenue reached DKK 31.7 billion, with an EBIT of DKK 8.0 billion, both reflecting a 13% increase.
In 2024, Pandora’s gross margin improved to 79.8%, a year-over-year increase of 120 basis points, while the EBIT margin remained stable at 25.2%. These factors contributed to a 17% rise in earnings per share, which hit a record-high of DKK 65. The company’s robust performance in working capital led to an 85% cash conversion rate, with leverage ending at 1.1x NIBD/EBITDA. Pandora proposed a dividend of DKK 20 per share and announced a new share buyback program worth DKK 4.0 billion, to be completed by January 30, 2026.
In Q4 2024, Pandora maintained solid growth, achieving an 11% organic growth rate, driven by a 6% increase in like-for-like (LFL) sales and a 5% expansion in its network. The gross margin for the quarter reached 79.8%, supported by pricing, and the EBIT margin expanded by 70 basis points to 34.7%. Strong performances were noted in the US (9%) and the Rest of Pandora (11%), although key European markets experienced slower growth at 0%.
Pandora’s Phoenix strategy, which focuses on four major strategic pillars, showed promising results. The “Core” segment experienced a 2% growth in LFL sales, while the “Fuel with more” segment saw a 22% growth in 2024. The trend continued into Q4 2024. Following successful testing, Pandora’s new e-commerce platform will be launched globally in 2025, aiming to enhance the brand’s desirability. With the silver price at USD 30.5/oz as of January 27, 2025, Pandora reaffirmed its EBIT margin target of 26-27% by 2026, though it is currently leaning towards the lower end of this range.
For 2025, Pandora has set an initial guidance for 7-8% organic growth and an EBIT margin of approximately 24.5%. Current trading in Q1 2025 shows high-single digit LFL growth, buoyed by a strong End of Season Sale, with underlying LFL trading at mid-single digit levels.
Alexander Lacik, President and CEO of Pandora, commented, “We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period. Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year. In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development.”
Pandora remains committed to its strategic goals and continues to invest in initiatives to elevate its brand presence and market performance.
Pandora shines with 8% growth in 2023, aims for higher in 2024