Jewellery Maker Pandora Raises Guidance After Q1 Revenue Beat

The Pandora logo is seen in jewellery shop in downtown Rome, Italy, August 7, 2018. (Reuters)

Danish jewellery maker Pandora on Wednesday raised its full-year revenue outlook after reporting results for the first quarter slightly above analyst forecasts. "We have started 2023 well with resilient growth and solid margins," Chief Executive Alexander Lacik said in a statement. "The macroeconomic outlook remains uncertain, but we are confident in our ability to adapt and thrive as we've proven over the past few quarters," Lacik added. The company now expects to generate organic sales growth between -2% and 3% this year, better than its earlier estimate of between -3% and 3%. Analysts expect 2% sales growth this year, according to a poll gathered by the company. Pandora, known for its customizable silver charms and bracelets, reported 1% organic sales growth for the quarter, above the -1% expected by analysts. The group's sales for the January-March period rose to 5.85 billion Danish crowns ($865.18 million) from 5.7 billion a year ago, compared to an average of 5.7 billion crowns expected by analysts in a poll gathered by the company.