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
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
