Danish jewelry maker Pandora saw record sales in the fourth quarter, driven by strong demand in the U.S. market.
The company’s Q4 sales reached $1.37 billion, which was higher than the $1.2 billion analysts had expected. The company reported an operating profit of $411 million, which was again more than the $380 million analysts had expected. Overall, sales for 2021 grew by 23%, reaching a record $3.5 billion.
“We are very pleased with the results in 2021,” Pandora’s Chief Executive Officer Alexander Lacik said in a statement.
“Pandora has returned to growth, and we deliver all time high revenue. It is encouraging that we see broad-based growth.”
The growth in sales came despite the fact that the company had to temporarily shutter some of its stores during the fourth quarter in compliance with coronavirus lockdown measures. The company currently operates more than 2,600 stores globally.
“Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China,” the company said.
In the U.S. market, the company registered an 18% growth in organic sales in Q4. Globally, the company saw a 23% increase in organic sales, which was higher than the 18% to 20% the company had projected in November.
The company plans to publish its full set of results in February 2022.