FinancialsAug 15, 2023
Watches of Switzerland Rolls Out Rolex CPO Program in US FinancialsAug 16, 2023
Pandora’s US Sales Improve in Q2
Mother’s Day and “The Little Mermaid” helped make a difference, though the company’s U.S. sales are still lagging behind last year.
A 14-karat gold-plated shell charm from Pandora’s “The Little Mermaid” collection, released earlier this year in conjunction with the live-action remake of the 1989 animated classic. Pandora said the collection positively affected U.S. sales performance in Q2.
Copenhagen, Denmark—Mother’s Day and the end-of-season sale helped boost Pandora’s second-quarter performance in the United States, though sales are still ringing in below 2022 levels.
On Tuesday, the Copenhagen, Denmark-based jewelry company reported its results for the second quarter.
In the U.S., Pandora’s largest market, sales were down 4 percent on a like-for-like basis to 3.49 billion Danish kroner ($500.3 million)—an improvement over Q1’s 7 percent decline—while organic revenue growth was flat.
The company said foot traffic picked up in the second quarter and in-store conversion rates were strong.
In addition to Mother’s Day and the end-of-season sale in June, e-commerce sales, particularly of the new “The Little Mermaid” collection, played a significant role in driving sales.
Pandora noted that wholesale sales also improved during the quarter.
Related stories will be right here …
Globally, Pandora’s revenue totaled DKK 5.89 billion, up 2 percent on a like-for-like basis compared with Q2 2022 and up 5 percent organically.
Operating profit fell to DKK 1.19 billion ($174.3 million) compared with DKK 1.25 billion ($183.1 million) in the prior-year period.
Gross margin improved to 78.1 percent from 76.4 percent due in part to the fact that Pandora recently raised prices on certain items.
The company said the recovery of the Chinese market, where like-for-like sales grew 5 percent in the quarter, and another quarter of strong sales in Germany, where like-for-like sales were up 11 percent, contributed to the results.
Product-wise, Pandora said its new studded chain bracelet introduced in Q1 got good traction in the second quarter.
Also helping to boost sales was demand for the sun and moon stacking rings from the “Celestial” collection, the company said. The rings exploded in popularity after they went viral among Taylor Swift fans, who pointed out in TikTok posts how well they fit the lyrics of Swift’s song “Midnight Rain.”
Revenue for the company’s lab-grown diamond collection held steady at DKK 32 million ($4.7 million).
Pandora announced Tuesday it is introducing three new collections of lab-grown diamond jewelry just ahead of New York Fashion Week in late August and is expanding the collection to three new countries: Australia, Mexico and Brazil.
During the quarter, Pandora opened a net 33 concept stores and 24 shop-in-shops.
It also opened its new concept store, Evoke 2.0, by retrofitting an existing store in Italy.
The company followed by opening seven Evoke 2.0 stores across Italy and the United Kingdom, as well as one in the Copenhagen Airport.
Looking ahead to the remainder of 2023, Pandora said it is raising its guidance based on its performance so far this year and the steps it has taken internally—driving brand desirability, expanding its network and acquiring new customers—to ensure sustainable growth.
It now predicts organic revenue growth of 2-5 percent for the year, up from 2-3 percent. It noted that it would take a “consistent worsening” of macroeconomic conditions for sales to come in at the low end of this range.
“We are pleased with delivering yet another solid quarter against a backdrop of macroeconomic uncertainty,” President and CEO Alexander Lacik said.
“We have consistently demonstrated that the foundations built under the Phoenix (turnaround) strategy are yielding positive results. We will continue to push ahead with our strategic initiatives for the second half of 2023 and beyond, including the expansion of our assortment in (lab-grown) Diamonds and the ongoing roll-out of our new store concept, Evoke 2.0.
“Given our solid performance so far, our updated guidance now sees another year of positive organic growth.”
More on Financials
The Latest
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
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.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
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.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
