Financials

5 Things to Know About Pandora’s Latest Results

FinancialsFeb 08, 2024

5 Things to Know About Pandora’s Latest Results

From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.

Pandora charms
Pandora reported a strong fourth quarter, bolstered by a new holiday campaign.
Copenhagen, Denmark—Pandora ended its fiscal year on a high note, reporting growth in its fourth quarter and for the full year following a strong holiday season.

In its report on its full-year results, released Wednesday, the company delved into its holiday performance, lab-grown diamond sales, expansion plans, and its outlook for the year ahead.

Here are five key takeaways from the report.

Pandora had a good year.
Fourth-quarter revenue was up 10 percent year-over-year at actual exchange rates to 10.82 billion Danish kroner ($1.56 billion). It reported organic sales growth (excluding the impact of currency fluctuations) of 12 percent year-over-year, with like-for-like growth of 9 percent.

For the full year, revenue totaled 28.14 billion Danish kroner ($4.06 billion) at actual exchange rates.

Organic sales growth was 8 percent, above its guidance of 5 to 6 percent.

Like-for-like sales were up 6 percent.

Pandora CEO Alexander Lacik said, “We are very pleased with how we ended 2023 with strong trading across the holiday season.”

He touted the success of Pandora’s ongoing turnaround plan, dubbed “Phoenix,” even amid a “challenging” retail environment.

“Looking back at the past two years since we launched the Phoenix growth strategy, we are proud of how our strategic initiatives have come together to consistently drive strong results despite the challenging macroeconomic backdrop.”

Sales in the United States were up 13 percent at actual exchange rates in Q4 (15 percent at organic growth rates), accounting for 29 percent of the company’s total revenue.

For the full year, U.S. sales were up 5 percent at actual and organic growth rates, accounting for 30 percent of revenue.

A new campaign bolstered its holiday sales.
Pandora noted “solid growth” across geographies and collections, highlighting its new holiday campaign, “Loves, Unboxed,” as a primary growth driver.

It credited the campaign for driving an increase in traffic for Black Friday and Christmas.

Throughout the holiday season, Pandora ran the campaign on social media, noting particular interest in its tennis bracelets.

The campaign was accompanied by a special holiday “unboxing” event at the Sphere in Las Vegas and Pandora’s sponsorship of the British Fashion Awards in December.

Pandora recently launched a new campaign, “Be Love,” starring brand ambassadors Selma Blair and Chloe and Halle Bailey.

Its lab-grown diamond sales are climbing.
Pandora’s lab-grown diamonds were especially popular in Q4 with sales up 40 percent year-over-year. 

For the full year, sales grew 24 percent.

Pandora now has four lab-grown diamond collections available in more than 70 stores in the U.S., Canada, U.K., Australia, Mexico, and Brazil. 

Pandora said North America continued to account for the largest proportion of lab-grown diamond jewelry sales. Rings were the top-performing category, accounting for nearly half of all sales in Q4.

“Pandora will continue to optimize execution and take learnings going forward as it looks to be the go-to destination for lab-grown diamonds,” the company said.

Its other collections posted growth as well.

Pandora’s core segment, which includes its “Moments” and “Me” collections, as well as its collaborations, saw sales up 5 percent in the quarter and 4 percent for the year.

Its “fuel with more” segment, which includes its lab-grown diamond jewelry as well as its “Timeless” and “Signature” collections, saw sales up 26 percent in the quarter and 17 percent for the year.

 Related stories will be right here … 

Pandora’s store network expansion continues.
In Q4, the company opened 72 concept stores and 69 Pandora-owned shop-in-shops.

For the full year, net openings totaled 109 concept stores and 114 Pandora owned shop-in-shops.

“The net concept store openings have been relatively broad-based, mainly across the Americas and Europe, while the openings of Pandora owned shop-in-shops have been concentrated around Latin America,” the company said.

Looking to the year ahead, Pandora plans to open 75 to 125 net concept stores and 25 to 50 shop-in-shops.

It’s continuing to roll out its new store concept, Evoke 2.0, which incorporates a simplified layout and centers around personalization, including engraving services.

The company began testing the new store concept in late 2021 in Milan and London.

In 2023, Pandora opened 55 Evoke 2.0 stores, including refurbishments, and will scale up the rollout this year.

The company hopes 60 percent of its company-owned stores will be updated to Evoke 2.0 by 2026.

Pandora operated 2,651 concept stores as of Q4 as well as 4,035 other points of sale, including 578 owned by Pandora.

The company is uncertain how 2024 will play out.
Looking to the year ahead, Pandora expressed cautious optimism.

“The economic outlook for 2024 continues to remain uncertain,” said the company. “Continued inflation and still-high interest rates suggest another challenging backdrop for consumers across many markets.”

However, it plans to carry on with its Phoenix strategy and is aiming for growth in the year ahead.

The company is forecasting organic growth of 6 to 9 percent in 2024, with the low end of the guidance accounting for a potential decline in macroeconomic conditions, and an EBIT margin of around 25 percent.

Pandora is scheduled to report its interim first-quarter results on May 2.

The Latest

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Kelly Osbourne Engagement Ring
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as Honey

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

Weekly QuizJul 10, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Penny Preville Anniversary Bangles and Penny Preville
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry Design

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Exterior shot of Alvin Goldfarb Jeweler in Bellevue, Washington
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb Jeweler

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

LVMH chairman and CEO of the Americas Michael Burke
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the Americas

Longtime LVMH executive Michael Burke has stepped into the role.

A calligraphy sculptural ring made in 18-karat Fairtrade gold (Photo by: Jamie Trounce)
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales Director

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Mikimoto The Bows high jewelry necklace
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

1 NJ-Supplier-Bulletin-Snake-One.jpg
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show Tips

Sponsored by Rio Grande Jewelry Supply

Cece Jewellery For the Love of Fruits Pendants
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s Sweetness

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

Graphic showing images from National Jeweler’s top 5 stories 2025
EditorsJul 09, 2025
The Most-Read Stories of 2025, So Far

Diamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.

 The Dash Diamond Crater of Diamonds State Park
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in Arkansas

They discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.

Mikimoto Les Pétales Campaign Imagery and Les Pétales Necklace
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into Petals

The “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.

National Jeweler columnist and jewelry sales expert Peter Smith
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium Pricing

Luxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.

David Rotenberg of David Craig Jewelers
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79

Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.

Diamond Divas Cast
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality Series

It follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.

SMO Golden Gala
Policies & IssuesJul 08, 2025
SMO Gold Launches New Foundation

In its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.

Stock image of container ship in port
Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials Say

The announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.

David Kellie
SourcingJul 07, 2025
Natural Diamond Council CEO David Kellie To Step Down

Kellie, who joined the organization in 2019, will remain in his role through the end of 2025.

Suspects in Glendale burglary
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store Burglary

Police officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.

Ella Klein Internship
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship

The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.

GIA iD100® Technology
Supplier BulletinJul 03, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Madison Keys in Brilliant Earth campaign
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New Ambassador

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy