FinancialsNov 08, 2023
Watches of Switzerland’s Jewelry Sales Sink in Q2FinancialsNov 09, 2023
Pandora’s US Sales Bounce Back in Q3
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Cat enthusiast and former model and Vogue Creative Director At-Large Grace Coddington is among the faces of Pandora’s “Diamonds for All” campaign, launched earlier this year to promote its new lab-grown diamond jewelry. The jewelry brand said investments in marketing helped propel sales in the third quarter.
Copenhagen, Denmark—Pandora recorded solid third-quarter results despite the overall decline in jewelry sales, with the brand reporting an uptick in traffic it attributes to the money it’s sunk into marketing.
It also noted an “unexpected” increase in demand from tourists, including domestic tourists, a pattern it said may not repeat in Q3 2024.
Globally, Pandora’s sales grew 11 percent year-over-year (9 percent on a like-for-like basis) to 5.57 billion Danish kroner ($799.6 million) in the third quarter, the company reported Wednesday.
Gross margin hit an all-time high of 79 percent, due to Pandora’s decision to raise prices beginning in late 2022, as well as cost efficiencies and channel mix.
Operating profit (EBIT) fell 6 percent from DKK 978 million ($140.4 million) to DKK 920 million ($132.1 million) due to rising costs, but the drop was less than analysts expected, prompting the jewelry company to raise its annual guidance once again.
Pandora now forecasts sales to grow between 5 percent and 6 percent, up from previous guidance of 2-5 percent.
“We are very pleased with our results this quarter,” said President and CEO Alexander Lacik.
“Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst our all-time high gross margin underpins our unique earnings model. We … continue to see very exciting opportunities ahead for Pandora, as we embark on the next chapter of our growth strategy.”
Pandora is in the middle of a turnaround plan, dubbed “Phoenix.”
At Capital Markets Day in London in October, the company started the next chapter of the plan, investing in global campaigns and fashion events in order make consumers see Pandora as a full jewelry brand, not just a company that makes charm bracelets.
Related stories will be right here …
It also noted an “unexpected” increase in demand from tourists, including domestic tourists, a pattern it said may not repeat in Q3 2024.
Globally, Pandora’s sales grew 11 percent year-over-year (9 percent on a like-for-like basis) to 5.57 billion Danish kroner ($799.6 million) in the third quarter, the company reported Wednesday.
Gross margin hit an all-time high of 79 percent, due to Pandora’s decision to raise prices beginning in late 2022, as well as cost efficiencies and channel mix.
Operating profit (EBIT) fell 6 percent from DKK 978 million ($140.4 million) to DKK 920 million ($132.1 million) due to rising costs, but the drop was less than analysts expected, prompting the jewelry company to raise its annual guidance once again.
Pandora now forecasts sales to grow between 5 percent and 6 percent, up from previous guidance of 2-5 percent.
“We are very pleased with our results this quarter,” said President and CEO Alexander Lacik.
“Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst our all-time high gross margin underpins our unique earnings model. We … continue to see very exciting opportunities ahead for Pandora, as we embark on the next chapter of our growth strategy.”
Pandora is in the middle of a turnaround plan, dubbed “Phoenix.”
At Capital Markets Day in London in October, the company started the next chapter of the plan, investing in global campaigns and fashion events in order make consumers see Pandora as a full jewelry brand, not just a company that makes charm bracelets.
In the United States, Pandora’s largest market, like-for-like sales were up 5 percent, rebounding from a 4 percent slide in Q2 and a 7 percent decline in Q1.
The company said its marketing initiatives in the U.S. drove more people into its stores in the third quarter and conversion rates were “healthy.”
Wholesale sales also improved, though a gap still remains between the performance of wholesale points of sale and company-owned and -operated locations.
The company mentioned specifically the events it held during New York Fashion Week in late August to introduce the additions it has made to the “Pandora Lab-Grown Diamonds” line (formerly called “Diamonds by Pandora”).
Overall, however, Pandora said the new lab-grown diamond jewelry contributed only incrementally to the company’s Q3 sales growth in the U.S., acknowledging it is still early days for the expanded range.
Pandora now sells lab-grown diamonds in four places: the U.S., Canada, the United Kingdom, and Australia. It said it plans to expand the line into Mexico and Brazil this month.
Like-for-like sales in the category grew 84 percent year-over-year in the third quarter, though Pandora notes that was against a comparatively low base.
Lab-grown diamonds still only accounted for 2 percent of the company’s total quarterly revenue.
Pandora opened 27 concept stores and 16 shop-in-shops in the third quarter. The company said it remains on track to open a net 75-125 concept stores and 50-100 other points of sale this year.
Pandora is converting a growing number of concept stores to its new store model, called Evoke 2.0.
The new layout and look is intended to emphasize the concept of Pandora as a full jewelry brand by showing all the company’s collections in an “intuitive and engaging” way.
Year-to-date, the company said it has opened 22 Evoke 2.0 stores and is on track to open more than 40 globally this year, including the refurbishment of existing stores.
Pandora also noted that through the first nine months of 2023, it has bought a total of 46 concept stores from franchisees in order to convert them into Pandora-owned retail locations.
Thirty-two of these stores were in the United States, with the remaining 14 in Colombia.
More on Financials
The Latest
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
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.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
