Jeweller Pandora posts Q4 results above forecast

The Pandora logo is seen in jewellery shop in downtown Rome
The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. REUTERS/Max Rossi

COPENHAGEN, Jan 10 (Reuters) - Danish jewellery maker Pandora (PNDORA.CO) said on Monday preliminary results showed record sales in the fourth quarter, fuelled by a strong U.S. market.

Pandora, the world's largest jewellery maker by production capacity, said sales totalled 9.0 billion Danish crowns ($1.37 billion) in the fourth quarter, above the 8.4 billion expected by analysts in a poll gathered by the company.

Operating profit stood at 2.7 billion crowns between October and December, above the expected 2.5 billion.

Sales for the full year grew 23% to a record 23.4 billion.

"We are very pleased with the results in 2021," said Chief Executive Officer Alexander Lacik in a statement. "Pandora has returned to growth, and we deliver all time high revenue. It is encouraging that we see broad-based growth."

In the United States, its key market, organic sales grew 18% in the fourth quarter.

For the whole of 2021, organic sales grew 23% globally, compared with the 18-20% guided in November, when the company lifted full-year guidance for the third time.

A low single digit percentage of Pandora's more than 2,600 physical stores were temporarily closed during the fourth quarter due to coronavirus lockdown measures, it said.

"Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China," the company said.

The company is due to publish a full set of results on Feb. 9.

($1 = 6.5667 Danish crowns)

Reporting by Jacob Gronholt-Pedersen; Editing by Sandra Maler

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