MajorsFeb 23, 2022
Pandora to Open 28 Shop-in-Shops in Macy’sFinancialsMay 04, 2022
Pandora Posts Strong Q1 But Warns of US Slowdown Ahead
The company said the “affordable” jewelry market in the U.S. is growing slower than the overall market.
Pandora posted double-digit revenue growth in its first quarter but remains cautious about the year ahead in light of the war in Ukraine, COVID-19, inflation, and higher interest rates.
Copenhagen, Denmark—Pandora posted strong first-quarter results and raised its sales guidance for the year ahead.
Still, the company remains cautious about its fiscal future, noting the war in Ukraine, COVID-19, inflation, and higher interest rates could all negatively impact consumer demand.
“We are very pleased with the strong start to the year delivering record revenue for a first quarter,” said CEO Alexander Lacik. “All of our product platforms support the growth in Q1, as our ability to continuously offer new innovation pays off.”
Here are five key takeaways from the Danish jewelry company’s quarterly results.
Pandora’s quarterly revenue climbed double-digits.
First-quarter revenue was up 26 percent year-over-year to 5.7 billion Danish kroner ($805.4 million) compared with 4.5 billion Danish kroner ($637.1 million) in the first quarter last year.
It reported organic sales growth of 21 percent year-over-year.
Its sell-out growth (sales in Pandora-owned and -operated stores) was 17 percent year-over-year.
The company had a strong Valentine’s Day, with sales up about 30 percent year-over-year.
By sales channel, Pandora-owned retail stores, including the online store, brought in 3.9 billion Danish kroner ($555.7 million) in the first quarter, up 33 percent from the previous year.
Wholesale sales in the first quarter were up 15 percent to 1.6 billion Danish kroner ($221.8 million).
Pandora said its online sales performed well compared with 2019 levels, but were down compared with the previous first quarter, when COVID-19 lockdowns were in place.
Online organic growth was around 155 percent compared with the first quarter of 2019 and was the main contributor of growth from a channel perspective compared with 2019, said Pandora.
Given its strong first quarter, Pandora has upped its fiscal guidance for the year ahead.
It now expects organic revenue growth of 4 to 6 percent, up from its prior guidance of 3 to 6 percent. Its EBIT margin of 25 to 25.5 percent remains unchanged.
The U.S. market remains strong, but Pandora predicts a slowdown ahead.
In the United States, Pandora’s largest market accounting for 29 percent of total revenue, sales were up 19 percent in the first quarter.
Quarterly revenue in the U.S. totaled 1.7 billion Danish kroner ($233.6 million), up 19 percent year-over-year.
The U.S. market saw organic growth of 62 percent compared with Q1 2019 and has performed in line with Pandora’s expectations, the company said.
The Marvel collection did especially well in the U.S.
However, Pandora said it expects to see a “slowdown” in the U.S. market in 2022, noting the stimulus checks distributed in March 2021 boosted sales, making for tough year-over-year comparisons in Q2 2022.
“Data indicates that the overall U.S. jewelry market has grown 11 to 18 percent in Q1 2022 and thereby above Pandora US. However, data also suggest that the affordable jewelry market has been growing much slower than the overall jewelry market,” said Pandora.
Related stories will be right here …
Still, the company remains cautious about its fiscal future, noting the war in Ukraine, COVID-19, inflation, and higher interest rates could all negatively impact consumer demand.
“We are very pleased with the strong start to the year delivering record revenue for a first quarter,” said CEO Alexander Lacik. “All of our product platforms support the growth in Q1, as our ability to continuously offer new innovation pays off.”
Here are five key takeaways from the Danish jewelry company’s quarterly results.
Pandora’s quarterly revenue climbed double-digits.
First-quarter revenue was up 26 percent year-over-year to 5.7 billion Danish kroner ($805.4 million) compared with 4.5 billion Danish kroner ($637.1 million) in the first quarter last year.
It reported organic sales growth of 21 percent year-over-year.
Its sell-out growth (sales in Pandora-owned and -operated stores) was 17 percent year-over-year.
The company had a strong Valentine’s Day, with sales up about 30 percent year-over-year.
By sales channel, Pandora-owned retail stores, including the online store, brought in 3.9 billion Danish kroner ($555.7 million) in the first quarter, up 33 percent from the previous year.
Wholesale sales in the first quarter were up 15 percent to 1.6 billion Danish kroner ($221.8 million).
Pandora said its online sales performed well compared with 2019 levels, but were down compared with the previous first quarter, when COVID-19 lockdowns were in place.
Online organic growth was around 155 percent compared with the first quarter of 2019 and was the main contributor of growth from a channel perspective compared with 2019, said Pandora.
Given its strong first quarter, Pandora has upped its fiscal guidance for the year ahead.
It now expects organic revenue growth of 4 to 6 percent, up from its prior guidance of 3 to 6 percent. Its EBIT margin of 25 to 25.5 percent remains unchanged.
The U.S. market remains strong, but Pandora predicts a slowdown ahead.
In the United States, Pandora’s largest market accounting for 29 percent of total revenue, sales were up 19 percent in the first quarter.
Quarterly revenue in the U.S. totaled 1.7 billion Danish kroner ($233.6 million), up 19 percent year-over-year.
The U.S. market saw organic growth of 62 percent compared with Q1 2019 and has performed in line with Pandora’s expectations, the company said.
The Marvel collection did especially well in the U.S.
However, Pandora said it expects to see a “slowdown” in the U.S. market in 2022, noting the stimulus checks distributed in March 2021 boosted sales, making for tough year-over-year comparisons in Q2 2022.
“Data indicates that the overall U.S. jewelry market has grown 11 to 18 percent in Q1 2022 and thereby above Pandora US. However, data also suggest that the affordable jewelry market has been growing much slower than the overall jewelry market,” said Pandora.
Pandora has been growing its footprint in North America.
In January, Ben Bridge Jeweler announced it was returning 37 Pandora stores, including 32 in the U.S. and 5 in Canada, to Pandora, looking to concentrate on its core business.
Pandora’s presence has grown especially strong on the West Coast, as 20 of the acquired Ben Bridge stores are located in California.
The acquisition is expected to give Pandora 170 million Danish kroner ($24.1 million) in incremental revenue for the full year, converting wholesale revenue to retail revenue.
The company also announced plans in February to open 28 shop-in-shops in Macy’s as it looks to increase its U.S. market share.
“The long-term aim is to double the U.S. business vs. 2019 and 62 percent organic growth vs. 2019 this quarter is an encouraging path toward this goal,” said Pandora.
“Pandora Me” and Marvel collections were top performers.
Pandora broke down its sales into “global business units,” or collections.
The “Pandora Me” collection saw revenue more than double, up 144 percent for the quarter.
Revenue from its “Collabs” collection, meaning collaborations, climbed 54 percent.
The company launched a Marvel collection in February, drawing jewelry inspiration from Avengers characters like Iron Man, Black Panther, The Hulk, and Captain America.
“The Marvel collaboration is building on Pandora’s strong relationship with Disney and proved an imminent success in the quarter. Marvel alone accounted for 3 percent share of business and has so far been outperforming the initial launch of both Star Wars and Harry Potter,” said Pandora.
Sales of the “Pandora Moments” collection grew 26 percent.
The “Pandora Brilliance” collection, which includes its lab-grown diamond jewelry, saw sales up 9 percent.
It was tested in the U.K to a positive reception and the company plans to roll it out this year, but said no new tests were conducted in the first quarter.
The company did test out a new loyalty program, My Pandora, in France, with plans to introduce it to more markets in 2023.
The test launch was conducted online and in 20 stores, with 50,000 consumers signed up in the first four weeks.
“My Pandora will further improve Pandora’s access to quality consumer data and with the new loyalty program, Pandora will be able to target the consumers directly with content of their interest,” the company.
Pandora is also creating a digital hub in London to attract digital and marketing talent.
Pandora has taken a strong stance against Russian goods.
Pandora made headlines last month when it announced it was leaving the Responsible Jewellery Council, citing the organization’s refusal to cut ties with Russian companies.
It was one of the first to do so, alongside Richemont, and followed by Kering, Watches of Switzerland, and others.
Pandora said it didn’t see any “major impact” on performance due to the war but has suspended business with Russia and Belarus.
Russia, Belarus and Ukraine combined accounted for about 1 percent of revenue in 2021, said Pandora.
“The 153 concept stores and 66 other points of sale in those markets are no longer considered part of Pandora,” said the company.
Pandora operates 2,432 concept stores as of the end of the first quarter, down 227 from the previous first quarter.
Pandora is planning to continue to increase its store network, expecting to open a net 50 to 100 concept stores worldwide.
More on Financials
The Latest
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
