Pandora: UK sales reach new record as profit bounces back

Sales at the UK arm of luxury jewellery brand Pandora jumped to a new record high as its pre-tax profit bounced back, it has been revealed.

The London-headquartered division has reported a turnover of £448m for 2023, according to newly-filed accounts with Companies House.

The total comes after the business posted a turnover of £438.3m in 2022.

Pandora said its turnover increased to the full-year impact of network changes, increased spending on marketing and return on investment in digital initiatives.

The results also show that Pandora UK’s pre-tax profit increased from £49.9m to £61.1m in the year.

The rise comes after the division posted a profit of £61.3m in 2021.

During the year, the company bought nine stores from its franchisee partners and opened 12.

In the prior year it bought 18 from its partners and opened nine of its own.

As a result of the full-year results, Pandora issued a dividend of £40m for the year, down from the £56.4m it paid out in 2022.

Sales and profit rise for Pandora

A statement signed off by the board said: “The business has maintained a solid platform during 2023 with strong sales and continues to focus on maintaining the brand image through the sale of high quality and fashionable jewellery.”

Pandora added: “As a global brand we are continuing to enhance our products and offerings to the market through a number of new initiatives, including strengthening the focus on product innovation, sustainability and digital campaigns.”

For the same financial year, the wider Pandora group reported a revenue of DKK 28.1bn (£3.1bn), a rise of eight per cent.

Its EBITDA (earnings before interest, tax, depreciation and amortisation) also increase by six per cent to DKK 9.1bn (£1bn).

Pandora also grew its store network from 2,542 to 2,651 and its headcount from 32,000 to 33,000.