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
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
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.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
