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Pandora’s fourth-quarter sales in China miss expectations

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© Reuters. FILE PHOTO: Pandora products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photo

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 (OTC:) 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)

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