(CercleFinance.com) – Pandora on Tuesday reported a stronger-than-expected rise in its first-half results, thanks to the strength of its growth outside Europe and the United States, which led the Danish jeweler to raise its annual forecast.
Over the first six months of the year, its turnover totaled 11.75 billion crowns, against 11.34 billion a year earlier, representing organic growth of 3%.
Its operating margin fell to 20.8%, against 22.6% a year earlier, but this figure exceeds – like that of internal growth – the forecasts established by analysts.
“We are pleased to once again present solid results against a backdrop of uncertainties surrounding the health of the economy,” said CEO Alexander Lacik.
For the whole of 2023, Pandora says it now expects organic growth of between 2% and 5%, against a previous forecast which ranged from -2% to +3%.
Its operating margin target is also confirmed ‘around 25%’.
Listed on the Copenhagen Stock Exchange, Pandora shares rose 2% on Tuesday morning following the publication of these figures.
Copyright (c) 2023 CercleFinance.com. All rights reserved.