Pandora opens new distribution centre in Canada
The new facility will handle Pandora's growing Canadian online business and reduces the company's exposure to US tariffs
Pandora Trading Update for April 2021
Pandora today releases a trading update for April 2021 as announced in the Q1 2021 Interim Financial Report. The trading update is, as the previous trading updates this year, released as a press release, and not a company announcement, per instructions from NASDAQ Copenhagen.
Pandora has previously communicated that the company would, when relevant, release extraordinary trading updates due to the elevated uncertainty related to COVID-19. Pandora intents to cease issuing monthly trading updates when the percentage of temporarily closed stores reaches 15% or below.
On average, around 25% of physical stores were temporarily closed due to COVID-19 in the month of April with around 20% of stores remaining closed today. Revenue in April 2021 was DKK 1,764 million, corresponding to 216% revenue growth in local currency vs April 2020.
Key revenue metrics
April 2021
- Organic growth, % vs 2020 - 214%
- Organic growth, % vs 2019 - 32%
- Sell-out growth incl. temporarily closed stores, % vs 2020 - 123%
- Sell-out growth incl. temporarily closed stores, % vs 2019 - 7%
Year-to-date 2021
- Organic growth, % vs 2020 - 37%
- Organic growth, % vs 2019 - 5%
- Sell-out growth incl. temporarily closed stores, % vs 2020 - 36%
- Sell-out growth incl. temporarily closed stores, % vs 2019 - -2%
1 For definitions of metrics please refer to the Q1 2021 Aide Memoire.
The strong sell-out performance in April was driven by US where performance in April is even stronger than in Q1 2021. As stated in the Q1 2021 Interim Financial Report, Organic growth for April 2021 is supported by timing of shipments between March and April 2021.
Pandora maintains its updated financial guidance for 2021: Organic growth "Above 12%" and EBIT margin "Above 22%".
About Pandora
Pandora is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,800 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.