Q2 2024 Pandora A/S Earnings Call Transcript
Key Points
- Pandora A/S (PNDZF) reported strong broad-based growth across its collections, indicating successful brand perception as a full jewelry brand.
- Gross margins expanded to record highs, reflecting structural efficiencies and effective pricing strategies.
- Significant investments across the value chain, including marketing, have been made while maintaining a solid EBIT margin.
- The company raised its full-year growth guidance to 9% to 12% organic growth, showing confidence in its strategic initiatives.
- Pandora A/S (PNDZF) continues to demonstrate high returns with low leverage, maintaining a strong financial position.
- The consumer environment remains challenging, which could impact future performance.
- Performance in China was disappointing with a 23% decline in like-for-like sales, indicating ongoing struggles in that market.
- The macroeconomic backdrop is highly uncertain, which could affect the lower end of the growth guidance.
- The company faces high promotional pressure in key trading moments, which could impact profitability.
- There is a potential headwind from higher silver prices, which could affect the EBIT margin target for 2026.
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Good morning, everyone, and welcome to the conference call for Pandora's second-quarter 2024 results. I'm Bilal Aziz from the Investor Relations team. I'm joined here by our CEO, Alexander Lacik; CFO, Anders Boyer; and the remaining IR team.
As usual, there will be a Q&A 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 the disclaimer on slide 2 and turn to slide 3.
I will now hand over to Alexander.
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Thank you, Bilal, and welcome to sunny Copenhagen, all of you.
Let me start by highlighting some of the key takeaways for the quarter. First, we had yet another strong quarter. I'm sure it's no surprise to anyone here that the consumer environment remains challenging. And in that context, the
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