LONDON (Reuters) -Pandora, the world’s biggest jewellery maker, said on Wednesday that its fourth-quarter sales in China missed expectations due to macroeconomic uncertainty in that market.
The company is aiming for overall organic revenue growth of 6%-9% in 2024, it said, after reporting strong sales of its silver charms and bracelets last year, which has helped its share price to more than double since the start of last year.
Pandora also announced a share buyback programme of up to 4 billion Danish crowns ($580 million) after confirming strong fourth-quarter revenue and earnings.
Pandora, which sells its jewellery in more than 100 countries, has been a rare bright spot among retailers and brands targeting aspirational consumers with affordable luxury items.
Pandora’s revenue in the United States, its biggest market, grew 2% to 8.3 billion Danish crowns over 2023. Revenue in China fell by 9% to 564 million Danish crowns over the year. ($1 = 6.9329 Danish crowns)
(Reporting by Helen Reid; Editing by Tom Hogue and Savio D’Souza)
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