...November 20, 2023 Revenue is exceeding our expectations, but Pandora's profitability is constrained by inflation. Over the first nine months of 2023, Pandora's revenue increased about 4% year on year (7% in local currency) to Danish krona (DKK)17.1 billion (2.3 billion), from DKK16.6 billion in 2022. This resulted from the net addition of 41 stores over the year and strong momentum in its recent collections, as testified by positive like-for-like dynamics in its core geographies, despite the challenging macroeconomic environment. As a result, we increased our revenue forecast for 2023 and 2024 to about DKK27.5 billion and DKK29.3 billion, respectively, compared with our previous expectation of about DKK26.8 billion and DKK28.1 billion for the same years. Nevertheless, profitability remains constrained by inflationary pressures on operating costs, particularly from foreign currencies and personnel, while marketing expenses have been deliberately increased to enhance brand recognition and...
