Q3 2024 Pandora A/S Earnings Call Transcript
Key Points
- Pandora AS (PANDY) reported a strong quarter with a 7% like-for-like growth, demonstrating resilience in a challenging consumer environment.
- The company raised its full-year organic growth guidance to 11-12%, up from the previous 9-12%, reflecting confidence in its performance.
- Pandora AS (PANDY) maintained a high gross margin above 80% for the second consecutive quarter, showcasing the benefits of its vertically integrated business model.
- The Phoenix strategy continues to drive brand transformation, with increased consumer traffic and positive brand KPIs, including unaided awareness and consideration.
- Pandora AS (PANDY) achieved a 34% like-for-like growth in its lab-grown diamond collection, indicating strong consumer interest and strategic alignment with its full jewelry brand message.
- Pandora AS (PANDY) faced a disappointing performance in China with a 33% decline in like-for-like sales, attributed to market challenges and brand positioning issues.
- The company is experiencing increased promotional activity in the market, which could impact profitability and brand perception.
- Pandora AS (PANDY) is dealing with significant margin headwinds due to rising silver and gold prices, which could affect future profitability.
- The EBIT margin guidance remains unchanged at around 25%, despite ongoing investments and external economic uncertainties.
- The company anticipates a potential slowdown in like-for-like growth in Q4, with guidance implying a range of 2-5%, reflecting cautiousness amid geopolitical and economic uncertainties.
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Good morning, everyone and welcome to the conference call for Pandora's third quarter to 2024 result. I'm Bears from the relations team. I'm joined here by CEO Alexander Lai CFO Anders Boyer and the rest of the IR team. As usual, there will be a Q&A session at the end of the call. If you could kindly limit yourself to two questions at a time, that would be great. Please pay notice to disclaimer on slide 2 and turn to slide three and I will now hand over to Alex Hunter.
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Thank you Bilal and welcome everyone.
As usual, I'll start by highlighting some of the key takeaways for the quarter.
And as you can see, we've delivered another strong quarter. I put that also in the context of a consumer backdrop which continues to remain quite challenging.
But as I've always said to
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