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

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Weekly QuizApr 18, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Natural Diamond Council Diamond Learning Center Graphic
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning Center

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

Jewelers of America logo
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from Members

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

Technology Therapy Group logo
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry Retailers

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

Catbird Chicago
IndependentsApr 16, 2025
Catbird Expands to Chicago

The opening marks the jewelry retailer’s first location in the Midwest.

Foundrae United in Love Campaign
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through Love

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert and Rose-Marie Goodman outside Robert Goodman Jewelers
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-Up

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

Womens Jewelry Association WJA logo
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter President

The announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.

×

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