Pandora’s EBIT margin was 16.5% over in the quarter. Credit: Charity Davenport/ Flickr (Creative Commons).

Denmark-based jewellery manufacturer and retailer Pandora has reported a total revenue of DKr5.57bn ($798.33m) in the third quarter (Q3) of 2023, compared with DKr5.26bn in Q3 2022.

Driven by the Phoenix strategy, the company delivered organic growth of 11% in Q3 2023. The like-for-like (LFL) growth rate was 9%.

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Regionally, Pandora posted 4% LFL growth across Europe and 5% in the US. Growth in the rest of the markets was 22% LFL.

During the quarter, the retailer’s gross margin was 79.0%, an all-time high of 230 basis points versus the same period in 2022.

According to the company, the growth has been driven by channel mix, cost efficiencies and price rise.

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Its operating profit was DKr920m in Q3 FY23, down from DKr978m in the corresponding period a year ago.

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The company’s earnings before interest and taxes (EBIT) margin was 16.5% over the quarter, compared to 18.6% in Q3 FY22.

Pandora president and CEO Alexander Lacik said: “We are very pleased with our results this quarter. Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst our all-time high gross margin underpins our unique earnings model.”

For the full year of 2023, Pandora raised its organic growth expectation range from 5% to 6% from the previous range of 2% to 5%.

The retailer kept its EBIT guidance unchanged at around 25%.

Alexander Lacik added: “We raise our guidance for the full year and continue to see very exciting opportunities ahead for Pandora as we embark on the next chapter of our growth strategy.”