Danish jewellery maker Pandora said on Monday preliminary results showed record sales in the fourth quarter, fuelled by a strong US market.

Pandora, the world’s largest jewellery maker by production capacity, said sales totalled 9 billion Danish crowns ($1.37 billion) in the fourth quarter, above the 8.4 billion expected by analysts in a poll gathered by the company.

Operating profit stood at 2.7 billion crowns ($411 million) between October and December, above the expected 2.5 billion.

Sales for the full year grew 23 percent to a record 23.4 billion ($3.5 billion).

“We are very pleased with the results in 2021,” said chief executive officer Alexander Lacik in a statement. “Pandora has returned to growth, and we deliver all time high revenue. It is encouraging that we see broad-based growth.”

In the United States, its key market, organic sales grew 18 percent in the fourth quarter.

For the whole of 2021, organic sales grew 23 percent globally, compared with the 18-20 percent guided in November, when the company lifted full-year guidance for the third time.

A low single digit percentage of Pandora’s more than 2,600 physical stores were temporarily closed during the fourth quarter due to coronavirus lockdown measures, it said.

“Furthermore, physical stores in a number of markets were negatively impacted by other restrictions, not least in China,” the company said.

The company is due to publish a full set of results on Feb. 9.

By Jacob Gronholt-Pedersen; Editor: Sandra Maler

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