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
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
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.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
