Pandora Online grew up by 155%

Pandora distributed DKK 2.7bn to shareholders in Q1 

According to the Q1 report from Pandora that highlighted, 1: Strong 21% organic growth in Q1 2022 - equal to 18% vs Q1 2019, 2: Collabs were very strong supported by a successful Marvel launch in February, 3: Pandora ME up 132% vs Q1 2021 and reached 3% share of business. 

Broad based organic growth across key markets vs 2019 - China continue to be a headwind, while US grew 7% (62% vs Q1 2019) – strategy on plan with acquisition of 32 franchise stores mainly located on the West coast of US as wells as entering new partnership with Macy’s. 

In line with normal seasonality, cash flow was negative in Q1 2022. Cash flow in Q1 was negatively impacted by a deliberate increase in inventories. Leverage ended at 0.9x NIBD to EBITDA during Q1 2022, DKK 2.7 billion was distributed to shareholders.

Pandora a strong performance across key European markets, all delivering double digit positive organic growth vs 2019, Online also continued the strong performance with organic growth up 155% vs Q1 2019 (down -17% vs Q1 2021 due to Covid-19 store closures last year). From EBIT margin at 23.0% - absolute EBIT up 45% from Q1 2021 is remained a solid!  

All business with Russia and Belarus has been suspended.  These markets account for approx. 1% of revenue

Despite negative impacts from the war, cost inflation, potential impact on consumer demand due to inflation and higher interest rates as well as Covid-19, organic growth is now expected to be 4-6% (was 3-6%) while EBIT margin guidance is unchanged at 25.0-25.5%. 

The financial guidance for 2022 is subject to elevated uncertainty. In spite of inflation and increasing interest rates, consumer demand generally remained healthy during April. Revenue growth in Q2 will face a tougher comparison base than Q1, due to less Covid-19 lock-downs and stimulus packages in the US.  

Alexander Lacik, President and CEO of Pandora, says, “We are very pleased with the strong start to the year delivering record revenue for a first quarter. All our product platforms support the growth in Q1, as our ability to continuously offer new innovation pays off.  

Execution of the Phoenix strategy continues at high pace and I am encouraged by the growth opportunities we have ahead of us. For the last two years, we have invested in building a stronger organisation, and this is increasingly visible in the numbers and how we drive the company forward.”