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.
Editors' Picks
Sponsored by
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
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
