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.
Editors' Picks
Sponsored by
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
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
