The Danish jewelry giant tightened its guidance for 2023.
Buoyed by a number of tailwinds for the rest of the year, the jeweler lifted guidance range for organic revenue growth for the full-year 2023 to minus 2 percent to plus 3 percent, versus minus 3 percent to plus 3 percent previously.
According to RBC Capital Markets analyst Piral Dadhania, “these results are somewhat better than expected even if sources of revenue beat are surprising.” Most of the growth in the quarter was contributed by its network expansion, which accounted for a 3 percent increase. No surprises here for the executive, who felt that “the big question is how much of the softness we see this year is also [due] to the recession, inflation, mortgage rates” and expected it to continue for the rest of the year.
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