Financials

Pandora Raises Guidance After Strong Q1

FinancialsMay 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 jewelry
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.

The Latest

Stafford’s Diamonds closing ad
IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 Years

The Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.

Alan Zimmer
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter Award

Reeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.

Sorellina’s Aries Zodiac Pendant
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac Pendant

The piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: GIA Field Gemology at the One-Hundredth Expedition: A Look Back and to the Future

Supplier Spotlight Sponsored by GIA

Tanishq Atlanta store
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.

The Indian jewelry brand recently opened stores in Atlanta and Seattle.

Weekly QuizMar 14, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Chopard Insofu emerald collection
CollectionsMar 13, 2025
Chopard Unveils High Jewelry Collection Created From 6,225-Carat Emerald

The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.

Chris Anderson
MajorsMar 13, 2025
Jewelers Mutual Names New CFO, Treasurer

Chris Anderson is joining the insurance provider as the new chief financial officer and treasurer.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Jewelers of America’s new natural and lab-grown diamond brochure
Lab-GrownMar 13, 2025
JA Offering Some ‘Counter Intelligence’ on Diamonds

Jewelers of America is distributing a brochure for retailers to use when discussing the differences between natural and lab-grown diamonds.

A rough diamond and a polished diamond
SourcingMar 12, 2025
5 Factors That Will Impact the Diamond Industry in 2025

The industry is changing as it grapples with new realities around distribution, supply, and the need for consistent, effective marketing.

New Gem & Jewellery Export Promotion Council Chairman Kirit Bhansali
SourcingMar 12, 2025
Q&A: New GJEPC Chairman Kirit Bhansali

Bhansali discusses the potential impact of U.S. tariffs, demand for diamonds by market, and the “cautious confidence” in India right now.

Limelight Lab Grown Diamond store in India
Lab-GrownMar 12, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond Sector

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Diamonds Do Good honoree Govind Dholakia at medical camp
SourcingMar 12, 2025
Indian Leader, Retailer Among 2025 DDG Honorees

Govind Dholakia and Tanishq will be recognized for their contributions to the industry at the Diamonds Do Good Awards in Las Vegas.

Marla Aaron Liberty London Shop-in-Shop
IndependentsMar 12, 2025
Marla Aaron Migrates to London

The New York City-based brand has opened its first U.K. location with a permanent shop-in-shop at Liberty in London.

Medieval sapphire bishop ring
AuctionsMar 12, 2025
A Medieval Bishop’s Sapphire Ring Is Going Up for Sale

A metal detectorist discovered the ring that is believed to have belonged to a bishop in the late 12th to early 13th century.

JA New York sign
Events & AwardsMar 12, 2025
JA New York Announces Education, Live Demo Lineups

Organizers looked to new partnerships and interactive experiences to enhance the spring show, set for March 16 to 18.

Jewelers Vigilance Committee annual luncheon 2025 logo
Events & AwardsMar 12, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC Luncheon

Kenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.

Jaythan Lawrence Gilder and body scan
CrimeMar 11, 2025
Man in Florida Swallows Allegedly Stolen Tiffany & Co. Jewelry

The suspect allegedly stole almost $800,000 worth of diamond jewelry from a store in Orlando and then swallowed it during a traffic stop.

Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 11, 2025
Creative Connecting: How to Pose on the Red Carpet

Ahead of the Gem Awards on Friday, Jen Cullen Williams and Duvall O’Steen share pro tips for taking the best photos.

Marco Bicego 25 Years Campaign Isabeli Fontana
CollectionsMar 11, 2025
Marco Bicego Celebrates 25 Years With Collection, Campaign

Founded in 2000, Marco Bicego is commemorating its milestone anniversary with a “25 Best” collection and campaigns honoring its heritage.

Hill & Co The List
TechnologyMar 11, 2025
Hill & Co. Launches New B2B Buyer Database

Those attending the company’s upcoming Zoom workshop will receive early access to “The List,” its new resource for finding buyers.

Amy-Elise Signeavsky GIA
Events & AwardsMar 11, 2025
JSA to Honor GIA Employee at Annual Luncheon

The organization will present an award to Amy-Elise Signeavsky, law enforcement and diamond recovery manager at GIA.

Picture of Terry Chandler, president and CEO of the Diamond Council of America
MajorsMar 10, 2025
Terry Chandler to Retire After 24 Years as Head of DCA

Chandler started his jewelry career at Michelson Jewelers, joining the Diamond Council of America as president and CEO in 2001.

MaeVona King of the Mountains Torc
CollectionsMar 10, 2025
MaeVona Co-Founder Debuts 3D-Printed ‘Tùsaire’ Collection

Scottish American designer Maeve Gillies collaborated with Platinum Guild International on jewelry created by direct metal 3D printing.

The Jewelry Symposium 2025 Scholarship Winners
Events & AwardsMar 10, 2025
The Jewelry Symposium Announces 2025 Scholarship Winners

Ahead of its trade show in May, TJS awarded free registration and accommodations to five up-and-coming jewelry industry professionals.

Gem Awards New York City
Events & AwardsMar 10, 2025
These Designers, Journalists, and Retailers Are Up for a Gem Award

The 2025 Gem Awards are set to take place Friday at Cipriani 42nd Street in New York City.

Jane Fonda, America Ferrera, Mariska Hargitay, Laura Harrier, Mattia Furlani, Gianvito Martino, Sabina Belli in Pomellato International Women’s Day campaign
MajorsMar 07, 2025
Jane Fonda, Mariska Hargitay Star in Pomellato’s IWD Campaign

The annual star-studded campaign for International Women’s Day encourages collective action against domestic violence.

×

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