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
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
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.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
