Pandora has reported 18% organic growth for its first quarter of FY24, with like-for-like sales up 11%. Its revenues rose by DKK 1 billion compared to the same period last year while its gross margin reached a record high of 79.4%, which is said was aided by its channel mix and pricing, as well as tailwind from lowered silver prices and foreign exchange rates. Its sales performance was boosted by “early restaging of the brand” and its “Phoenix Strategy.” European markets and the US market saw like-for-like growth stood at 9%, while the “Rest of Pandora” saw 18% growth.

Pandora has upped its 6-9% organic growth guidance between 8-10% for the FY24, but has held its EBIT margin guidance at 25%.