Pandora suffers in 2023. The Danish jewelry company has closed the last year increasing its turnover, but cutting back in key markets such as China. In addition, the company ended the year earning 6% less than the previous year, as published this Wednesday in a statement.
The company has recorded a net result of 4,740 million Swedish crowns (417.2 million euros)compared to the 5,029 million Swedish crowns (442.6 million euros) it earned in 2022. However, in the last quarter alone, Pandora has earned 2,530 million Swedish crowns (222.7 million euros), a 7% more than in the same period of the previous year.
As Pandora announced at the beginning of the year, its turnover in 2023 has been 28,100 million Danish crowns (3,767 million euros), 8% more than in 2022, thus exceeding its initial forecasts, which included turnover between 5 % and 6% more than in the previous fiscal year.
Pandora closed the year with a turnover of 28.1 billion Danish crowns
The Danish group closed the year with a drop in turnover in China of 23.5%, up to 564 million Swedish crowns (49.6 million euros). The company has accused “the macroeconomic weakening of the market” as one of the main reasons for the drop in sales in the region. Furthermore, in Italy, its second European market by turnover, the company has reduced its sales by 1.6%, to 2,540 million Swedish crowns (223.5 million euros).
In the rest of the markets in which it operates, the company has slightly increased its turnover. In the United States, where the bulk of the business is concentrated, the company has grown 5%, up to 8,307 million Swedish crowns (731.2 million euros). The United Kingdom, its main European market, has seen an increase in turnover of 0.5%, up to 3,821 million Swedish crowns (336.3 million euros).
For the coming months, Pandora is immersed in a plan that involves relying on booming trends, digitalization and sustainability, in addition to putting the consumer at the center of the strategy, and carrying out operational improvements in its structure, among Other actions.
Pandora took its first steps in 1982, at the hands of the Danish goldsmith Per Enevoldsen and his wife Winnie Enevoldsen. The company kicked off in Copenhagen (Denmark) and currently operates throughout the world through its own establishments, franchises and multi-brand. The group’s headquarters are located in the Danish town of Glostrup and employs more than 22,000 people.