Pandora Jewellery UK Limited has filed its accounts for 2024 with the subsidiary of the jewellery giant saying that the business “maintained a solid platform” during the year with “good sales given the wider market context”.
Pandora
The company, which operates the brand’s 292 points of sale in the UK (222 of them its concept stores) as well as its wholesale business, didn’t see it sales rising however.
Turnover during the year fell to £441.331 million from £448.025 million and it attributed this to “wider pressure on consumers’ discretionary spending linked to higher inflation and mortgage rates”.
To counteract these impacts, it continued to invest in the brand regarding store expansion and refits, as well as investing in marketing and further digitalisation. It also launched new products.
As for profits, operating profit dipped to £23.511 million from £23.584 million, not a huge fall given that revenue was lower by a bigger percentage. It said it worked to cover wage and inflation cost pressures with targeted cost efficiencies in order to boost its operating profit.
Profit before tax fell to £14.911 million from £61.182 million and net profit was £8.779 million, down from £59.54 million, with the figures for the latest year affected by the lack of one-off gains it had recorded in the previous financial year.
The business expects UK consumer discretionary spend and general rates of consumption to continue to be under pressure in the short to medium term and this could have a negative impact on future growth. But it thinks its brand, its design and other virtues should help to counter this.
