Outlook

The Phoenix strategy aims to deliver sustainable and profitable growth. And in 2022 Pandora delivered solid organic revenue growth of 7%. The economic outlook for 2023 remains highly uncertain. High inflation and rising mortgage rates suggest that consumer spending will come under pressure. The brand has demonstrated strong resilience since macroeconomic conditions started to worsen during 2022.

Pandora is therefore currently targeting an organic growth of -3% to 3% and an EBIT margin of Around 25%. The wider-than-normal revenue guidance range reflects the elevated macroeconomic uncertainty and, as usual, will be narrowed as visibility improves through the year. The low end of the organic growth range would require a worsening of trading conditions relative to today.

For further details, please refer to Pandoras Q4 report for 2022, page 18: find it here.