Pandora reported a stronger-than-expected rise in first-quarter operating profit on Thursday, thanks to the effects of its strategic plan, leading the Danish jeweler to raise its full-year guidance.

For the first three months of the year, operating profit (Ebit) stood at 1.50 billion crowns (around 200 million euros), compared with 1.25 billion a year ago and a consensus figure of 1.31 billion.

The group explains that it benefited from the effects of its "Phoenix" program, which resulted in a repositioning of the brand and the launch of a new marketing campaign, christened "Be Love".

Gross margin reached a record 79.4%, while operating margin (Ebit) improved by 0.5 points to 22%.

After posting organic growth of 18% in the first quarter, Pandora now expects organic sales growth of between 8% and 10% this year, instead of 6% to 9%.

Its operating margin forecast remains unchanged at around 25%.

Listed on the Copenhagen Stock Exchange, Pandora shares rose by 6% following this publication, making it one of the biggest gainers on the pan-European STOXX 600 index.

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