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Jeweller Pandora posts Q4 results above forecast

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FILE PHOTO: The Pandora logo is seen in jewellery shop in downtown Rome
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COPENHAGEN (Reuters) - Danish jewellery maker Pandora said on Monday preliminary results showed record sales in the fourth quarter, fuelled by a strong U.S. market.

Pandora, the world's largest jewellery maker by production capacity, said sales totalled 9.0 billion Danish crowns ($1.37 billion) in the fourth quarter, above the 8.4 billion expected by analysts in a poll gathered by the company.

Operating profit stood at 2.7 billion crowns between October and December, above the expected 2.5 billion.

Sales for the full year grew 23% to a record 23.4 billion.

"We are very pleased with the results in 2021," said Chief Executive Officer Alexander Lacik in a statement. "Pandora has returned to growth, and we deliver all time high revenue. It is encouraging that we see broad-based growth."

In the United States, its key market, organic sales grew 18% in the fourth quarter.

For the whole of 2021, organic sales grew 23% globally, compared with the 18-20% guided in November, when the company lifted full-year guidance for the third time.

A low single digit percentage of Pandora's more than 2,600 physical stores were temporarily closed during the fourth quarter due to coronavirus lockdown measures, it said.

"Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China," the company said.

The company is due to publish a full set of results on Feb. 9.

($1 = 6.5667 Danish crowns)

(Reporting by Jacob Gronholt-Pedersen; Editing by Sandra Maler)

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