Financials

Pandora Raises Guidance Again as Q2 Sales Climb Double Digits

FinancialsAug 13, 2024

Pandora Raises Guidance Again as Q2 Sales Climb Double Digits

The jewelry retailer is eyeing expansion, increasing the number of stores it plans to open this year.

Pandora Essence pearl jewelry
A selection of cultured pearl jewelry from the “Pandora Essence” collection. The company raised its guidance following a strong performance in the first half of the year.
Copenhagen, Denmark—Pandora is once again raising its guidance for the year following a strong first half.

The company reported Monday that second-quarter revenue was up 15 percent year-over-year at actual exchange rates to 6.77 billion Danish kroner ($990 million), with like-for-like sales growth of 8 percent.

First-half revenue totaled 13.61 billion Danish kroner ($1.99 billion), up 16 percent at actual exchange rates, with like-for-like sales growth of 9 percent.

“Our strategy continues to take Pandora to new heights despite general consumer spending being somewhat sluggish,” said Pandora CEO Alexander Lacik.

“We have successfully started the journey to make Pandora known as a full jewelry brand, and our results show that consumers like what they see.”

Pandora credits its success to the strength of its brand, bolstered in part by its “Be Love” campaign, which aims to reframe consumer perception of the company as a complete jewelry brand, rather than a company that just sells beads and charms.

While the campaign is less than a year old, Pandora said it’s already seen an increase in traffic in its stores and on its website as a result.

The company reported higher traffic across channels in the second quarter, with online sales seeing 19 percent like-for-like growth and accounting for 20 percent of total revenue.

Pandora-owned stores are outperforming partner stores, it said, posting 6 percent like-for-like growth while sales at franchise stores were flat. 

In the United States, Pandora reported 9 percent like-for-like growth. 

“The overall jewelry market sequentially slowed in the second quarter, and the growth in Pandora U.S. continues to be well ahead of the broader market, which remains flattish to slightly down,” said the company.

Its key European markets also performed well, with 10 percent like-for-like growth in the region and Germany once again the standout. 

Second-quarter sales grew 13 percent in the rest of Pandora’s markets. 

 Related stories will be right here … 

Like-for-like sales were up 1 percent for its core segment, which includes its “Moments” and “Me” collections and its collaborations.

Sales in the segment were weighed down by the “Collabs” segment, which was up against tough comparables after the success of last year’s “Disney 100” collection.

Pandora’s “fuel with more” segment, which includes its lab-grown diamond jewelry as well as its “Timeless” and “Signature” collections, saw sales grow 29 percent in the quarter.

Sales of its lab-grown diamond jewelry collection totaled 61 million Danish kroner ($8.9 million) in the quarter.

The collection posted like-for-like growth of 88 percent, though lab-grown diamond jewelry sales still represent less than 1 percent of Pandora’s total sales.

Pandora launched the “Pandora Essence” collection globally in Q2 and said the initial feedback has been encouraging.

The collection aims to bring a contemporary and sculptural feel to jewelry staples, and Pandora said it will continue to explore new design aesthetics.

The company also expanded its store network in Q2, opening a net 143 concept stores and 112 Pandora-owned shop-in-shops over the past 12 months.

Pandora upped the number of stores it plans to open this year to 100 to 150 concept stores from its prior guidance of 75 to 125. 

It also now plans to open 50 to 75 shop-in-shops, more than its previously stated goal of 25 to 50.

The company is forecasting 400 to 500 targeted net openings from 2024 to 2026. 

Pandora also opened its first global two-story flagship store in its hometown of Copenhagen, marking its largest store to date at 500 square meters (nearly 5,400 square feet).

The jewelry retailer operates 6,635 points of sale as of Q2, a gain of 108 year-over-year.

Looking to the year ahead, Pandora has once again raised its fiscal guidance.

Pandora now expects to see organic growth of 9 to 12 percent, up from its prior guidance of 8 to 10 percent. Its EBIT margin guidance is unchanged at around 25 percent.

So far in Q3, Pandora said sales are “healthy,” with like-for-like growth in the mid-single digits.

The Latest

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

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.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

×

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