FinancialsApr 13, 2023
LVMH Talks Tiffany Flagship Reopening, Makes Another AcquisitionFinancialsMay 04, 2023
In Q1, Pandora Notes ‘Heightened Consumer Hesitancy’ in US
Pandora’s like-for-like sales were flat globally while they fell 7 percent in the United States.
A stack of lab-grown diamond rings from “Diamonds by Pandora,” the company’s lab-grown diamond line that launched in the United States last summer. Diamonds by Pandora sales totaled $5 million in the first quarter, the company reported Tuesday.
Copenhagen, Denmark—First-quarter sales essentially were flat for Pandora, as the company famous for its affordable, collectible beads continues to grapple with declines in consumer spending amid inflation and rising interest rates.
Pandora reported Tuesday that first quarter 2023 sales totaled 5.85 billion Danish kroner ($868.2 million) up about 3 percent from DKK 5.69 billion ($844.4 million) in the first quarter 2022.
However, like-for-like sales were flat, and organic growth was only 1 percent, which Pandora described as “resilient growth despite macroeconomic challenges.”
EBIT margin in the first quarter was 21.5 percent, down from 23 percent in the prior-year period, mainly attributable to the money the company is sinking into its turnaround plan, dubbed “Phoenix,” and employee raises.
The company noted that the price increases it implemented six months ago have had a positive impact on EBIT margin without negatively impacting sales, and it will consider raising prices again in the future while still keeping its jewelry affordable.
“We have started 2023 well with resilient growth and solid margins,” Pandora President and CEO Alexander Lacik said.
“Our investments in lifting the brand are paying off with good performance in our ‘Moments’ base business and strong results from newer platforms, ‘Timeless’ and ‘Pandora ME’ … The macroeconomic outlook remains uncertain, but we are confident in our ability to adapt and thrive, as we’ve proven over the past few quarters.”
In the United States, first-quarter revenue totaled DKK 1.72 billion ($254.8 million), up 4 percent from DKK 1.65 billion ($245 million) in the first quarter 2022.
On a like-for-like basis, Pandora’s quarterly sales in the U.S. slipped 7 percent—the same as in Q4—and organic sales were down 4 percent.
Pandora said sales at company-owned and -operated stores improved between the fourth quarter 2022 and first quarter 2023 while the performance of franchise stores declined.
Conversion rates also were slightly lower due to signs of “heightened consumer hesitancy.”
The U.S. is Pandora’s largest market, accounting for 29 percent of revenue worldwide, twice as much as the company’s second biggest market, the United Kingdom (14 percent).
In reporting its first-quarter results, the company also gave an update on “Diamonds by Pandora,” its lab-grown diamond jewelry line piloted in the U.K. and launched in the U.S. in August 2022.
Revenue from sales of Diamonds by Pandora totaled DKK 34 million ($5 million) in the first quarter, up from DKK 9 million ($1.3 million) in the first quarter 2022, before it had expanded to the U.S.
The company said the line is “tracking as planned” while noting its potential, which it aims to realize by expanding the assortment and investing in marketing while also rolling out to more markets later this year.
Diamonds by Pandora currently accounts for 1 percent of Pandora’s total revenue.
Looking ahead to the rest of 2023, Pandora is raising its guidance despite political and economic uncertainty, citing its resilient Q1 performance while also noting, “the economic outlook for the remainder of 2023 remains uncertain. High inflation and rising interest rates suggest that consumer spending will continue to be under pressure.”
Pandora updated its guidance to organic growth of -2 percent to 3 percent, a slight improvement from the previous range (-3 percent to 3 percent).
It is forecasting like-for-like sales growth will be flat at best and down 4 percent at worst, a range that depends on how macroeconomic conditions progress throughout 2023.
As of the first quarter, Pandora operated a total of 6,483 points of sale worldwide, a mix of concept stores (Pandora-owned, franchisee-owned, and third-party distribution) as well as other points of sale, which includes shop-in-shops like the ones it has in Macy’s stores in the U.S.
That is 44 fewer points of sale than the company had at the close of 2022 (6,527).
Pandora expects to open a net of 50-100 concept stores this year and 50-100 company-owned and -operated other points of sale.
More on Financials
The Latest
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
