Pandora heads for growth this year as online sales boom
Jewellery maker Pandora anticipates its first sales growth in three years this year despite many high street shops enduring a harsh pandemic sales dip.
2021 looks to be a year of growth for Pandora, the company said this morning, with thanks to a boost in online sales pushing a strong final quarter in 2020.
The company forecasts an operating profit margin above 21 per cent, slightly higher than last year but still not at pre-pandemic levels. Its final quarter of 2020 reported sales down 1 per cent to $1.27b.
CEO Alexander Lacik said: “In general we see more committed customers during lockdown.
“People still want to celebrate birthdays and other events, and maybe even more so when you can’t meet someone physically.”
Online sales
The company cashed in on customers spending more on gifts and discretionary goods over travel and services, driving online sales to more than double last year.
Its success in online sales account for nearly one-third of total sales, nearly offsetting the revenue loss from one of the bleakest years on the high street.
Pandora’s shares increased 2.3 per cent following the company announcement.
The jewellery maker’s 2,700 shops globally will remain closed for the first half of this year.