(Bloomberg) -- Pandora A/S reported quarterly revenue that beat estimates, helped by soaring Christmas and Black Friday sales of its charm bracelets and other jewelry in the US.

Revenue in the final three months of 2023 jumped 12% on an organic basis to 10.8 billion kroner ($1.58 billion), according to preliminary figures released by the Copenhagen-based company late on Sunday. That exceeded the average estimate of 10.58 billion kroner in a Bloomberg survey of analysts. 

The company’s “performance across most countries and categories was solid” and should support the performance of the bonds, Mads Lindegaard Rosendal, a credit analyst at Danske Bank A/S, said in a note. “Although we would have liked to see the strong revenue growth also hitting operating profit to a greater extent.”

Pandora’s shares ended up jumping 90% in 2023 after the company raised its full-year financial outlook twice during the last four months of the year. 

The company, which makes more pieces of jewelry than any other in the world, has been winning market share in an industry that’s contracting, with chief executive officer Alexander Lacik focusing on introducing new collections, including a fast-growing lab-grown diamond series.

“We are very pleased with our results across the peak trading season, and how we closed 2023,” Lacik said in Sunday’s statement.

Pandora recorded organic growth of 15% in the US, its biggest market, in the fourth quarter. Sales of its lab-grown diamonds jumped 83%. 

Read more: Pandora Shares Jump as Jewelry Maker Sees Higher Growth, Profit

Pandora is due to release its complete fourth-quarter report on Feb. 7, when it also will provide an outlook for 2024.

(Updates to add analyst comment in third paragraph)

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