FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Pandora started the year off strong, posting double-digit revenue growth in its first quarter.
Copenhagen, Denmark—Pandora started off its fiscal year on a high note, reporting double-digit revenue growth in Q1.
First-quarter revenue was up 17 percent year-over-year at actual exchange rates (18 percent on an organic basis) to 6.83 billion Danish kroner ($980.5 million), with like-for-like sales growth of 11 percent.
The new “Be Love” campaign bolstered Pandora’s brand strategy, it said, which aims to reframe consumer perception of the company as a full jewelry brand, rather than just a company that just sells beads and charms.
The campaign resonated with customers and drove like-for-like growth across its collections, Pandora said.
Like-for-like sales were up 3 percent for its core segment, which includes its “Moments” and “Me” collections and its collaborations.
Its “fuel with more” segment, which includes its lab-grown diamond jewelry as well as its “Timeless” and “Signature” collections, saw sales grow 34 percent in the quarter.
Sales of its lab-grown diamond jewelry collection totaled 63 million Danish kroner ($9 million) in the quarter, with like-for-like growth of 87 percent.
Pandora’s lab-grown jewelry is now sold in 700 stores in the United States, Canada, United Kingdom, Australia, Mexico and Brazil, with North America continuing to account for the largest proportion of revenue, said Pandora.
The company also expanded its store network, opening net 19 new concept stores and seven Pandora-owned shop-in-shops.
Pandora reiterated plans to open net 75 to 125 net concept stores and 25 to 50 Pandora-owned shop-in-shops in 2024.
In the U.S., momentum remained strong, said Pandora, with 9 percent like-for-like growth.
Its key European markets also performed well, with 9 percent like-for-like growth, with Germany as the standout, posting 67 percent like-for-like growth.
“We are very pleased with our start to the year, as we embark on the next chapter of ‘Phoenix.’ Whilst jewelry markets around us generally remain subdued, our ongoing brand investments allow us to take market share,” said Pandora CEO Alexander Lacik.
“We raise our revenue guidance and look forward to keep fueling our growth with exciting strategic initiatives over the coming years.”
Pandora now expects to see organic growth of 8 to 10 percent, up from its prior guidance of 6 to 9 percent. Its EBIT margin guidance is unchanged at around 25 percent.
So far in Q2, Pandora said sales are “healthy,” with high single-digit like-for-like growth.
The company’s Q2 results are set to be released Aug. 13.
First-quarter revenue was up 17 percent year-over-year at actual exchange rates (18 percent on an organic basis) to 6.83 billion Danish kroner ($980.5 million), with like-for-like sales growth of 11 percent.
The new “Be Love” campaign bolstered Pandora’s brand strategy, it said, which aims to reframe consumer perception of the company as a full jewelry brand, rather than just a company that just sells beads and charms.
The campaign resonated with customers and drove like-for-like growth across its collections, Pandora said.
Like-for-like sales were up 3 percent for its core segment, which includes its “Moments” and “Me” collections and its collaborations.
Its “fuel with more” segment, which includes its lab-grown diamond jewelry as well as its “Timeless” and “Signature” collections, saw sales grow 34 percent in the quarter.
Sales of its lab-grown diamond jewelry collection totaled 63 million Danish kroner ($9 million) in the quarter, with like-for-like growth of 87 percent.
Pandora’s lab-grown jewelry is now sold in 700 stores in the United States, Canada, United Kingdom, Australia, Mexico and Brazil, with North America continuing to account for the largest proportion of revenue, said Pandora.
The company also expanded its store network, opening net 19 new concept stores and seven Pandora-owned shop-in-shops.
Pandora reiterated plans to open net 75 to 125 net concept stores and 25 to 50 Pandora-owned shop-in-shops in 2024.
In the U.S., momentum remained strong, said Pandora, with 9 percent like-for-like growth.
Its key European markets also performed well, with 9 percent like-for-like growth, with Germany as the standout, posting 67 percent like-for-like growth.
“We are very pleased with our start to the year, as we embark on the next chapter of ‘Phoenix.’ Whilst jewelry markets around us generally remain subdued, our ongoing brand investments allow us to take market share,” said Pandora CEO Alexander Lacik.
“We raise our revenue guidance and look forward to keep fueling our growth with exciting strategic initiatives over the coming years.”
Pandora now expects to see organic growth of 8 to 10 percent, up from its prior guidance of 6 to 9 percent. Its EBIT margin guidance is unchanged at around 25 percent.
So far in Q2, Pandora said sales are “healthy,” with high single-digit like-for-like growth.
The company’s Q2 results are set to be released Aug. 13.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%More on Financials
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
