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.
Editors' Picks
Sponsored by
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
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
