FinancialsOct 24, 2024
Kering’s Jewelry Brands ‘More Resilient’ Than Other Luxury Goods in Q3 FinancialsNov 06, 2024
Pandora Posts Double-Digit Revenue Growth in Q3
The Danish jewelry company plans to open up to 150 concept stores this fiscal year.
A Pandora 14-karat gold-plated Cuban chain bracelet with cubic zirconia pavé ($395). The Danish jeweler reported organic sales growth of 11 percent in the third quarter.
Copenhagen, Denmark—Pandora reported a strong third quarter Wednesday, once again raising its fiscal guidance.
The company reported Wednesday that third-quarter revenue was up 10 percent year-over-year at actual exchange rates (11 percent organic growth) to 6.1 billion Danish kroner ($877.1 million), with like-for-like sales growth of 7 percent.
Revenue for the first nine months of the year totaled 19.71 billion Danish kroner ($2.83 billion), up 14 percent at actual exchange rates (15 percent organic growth), with like-for-like sales growth of 8 percent.
“We are very pleased with our strong results this quarter, particularly in the context of the current macroeconomic backdrop,” said Pandora CEO Alexander Lacik.
“We are transforming the perception of Pandora into a full jewelry brand and unlocking the next chapter of our growth by attracting more consumers to our brand. Step by step we are capturing the many untapped opportunities, and we will continue to invest in our strategic growth initiatives.”
In the previous quarter, Pandora credited its success in part 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.
Pandora-owned stores once again outperformed its partner stores in Q3, posting 5 percent like-for-like growth while its partners posted flat results.
The company reported “particularly strong” online sales, which saw 20 percent like-for-like growth, accounting for 18 percent of revenue in the quarter.
In the United States, Pandora reported 6 percent like-for-like growth in the quarter and 7 percent year-to-date.
“Despite a heavy external promotional environment, the growth in Pandora US continues to be ahead of the broader market, which remains flattish to slightly down,” said Pandora.
Its key European markets also performed well, with 4 percent like-for-like growth in the region in the quarter. Germany was once again the standout with 42 percent like-for-like growth in Q3.
As for the rest of Pandora’s market, they saw 14 percent like-for-like growth in the quarter.
Related stories will be right here …
The company reported Wednesday that third-quarter revenue was up 10 percent year-over-year at actual exchange rates (11 percent organic growth) to 6.1 billion Danish kroner ($877.1 million), with like-for-like sales growth of 7 percent.
Revenue for the first nine months of the year totaled 19.71 billion Danish kroner ($2.83 billion), up 14 percent at actual exchange rates (15 percent organic growth), with like-for-like sales growth of 8 percent.
“We are very pleased with our strong results this quarter, particularly in the context of the current macroeconomic backdrop,” said Pandora CEO Alexander Lacik.
“We are transforming the perception of Pandora into a full jewelry brand and unlocking the next chapter of our growth by attracting more consumers to our brand. Step by step we are capturing the many untapped opportunities, and we will continue to invest in our strategic growth initiatives.”
In the previous quarter, Pandora credited its success in part 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.
Pandora-owned stores once again outperformed its partner stores in Q3, posting 5 percent like-for-like growth while its partners posted flat results.
The company reported “particularly strong” online sales, which saw 20 percent like-for-like growth, accounting for 18 percent of revenue in the quarter.
In the United States, Pandora reported 6 percent like-for-like growth in the quarter and 7 percent year-to-date.
“Despite a heavy external promotional environment, the growth in Pandora US continues to be ahead of the broader market, which remains flattish to slightly down,” said Pandora.
Its key European markets also performed well, with 4 percent like-for-like growth in the region in the quarter. Germany was once again the standout with 42 percent like-for-like growth in Q3.
As for the rest of Pandora’s market, they saw 14 percent like-for-like growth in the quarter.
Like-for-like sales in Q3 were up 2 percent for its core segment, which includes its “Moments” (2 percent growth) and “Me” (21 percent growth) and “Collabs.” Year-to-date, like-for-like sales in the segment were up 2 percent.
The “Collabs” segment, which was up against tough comparatives after the success of last year’s “Disney 100” collection, posted a 6 percent drop in Q3.
Pandora’s “Fuel with more” segment, which includes its lab-grown diamond jewelry and its new “Pandora Essence” collection, as well as its “Timeless” (up 18 percent) and “Signature” (down 32 percent) collections, saw sales grow 21 percent in the quarter. Year-to-date, like-for-like sales in the segment were up 28 percent.
Sales of its lab-grown diamond jewelry collection totaled 64 million Danish kroner ($9.2 million) in the quarter and 188 million Danish kroner ($27 million) year-to-date.
The collection posted like-for-like growth of 34 percent in the quarter, though lab-grown diamond jewelry sales still represent less than 1 percent of Pandora’s total sales. Year-to-date, like-for-like sales in the segment were up 66 percent.
Pandora launched its new “Microfine Diamonds” range in the quarter, which features micro lab-grown diamonds.
Regarding the new offering, Pandora said it has seen “an encouraging response from consumers due to the beautiful designs and accessible pricing.”
Pandora noted that due to an increase in silver prices in Q2, it implemented a 5-percent price increase last month.
The company also expanded its store network in Q3, adding a net of 39 concept stores and 10 Pandora-owned shop-in-shops.
Over the past 12 months, it has opened net 155 concept stores and 106 Pandora-owned shop-in-shops.
The company reiterated its forecast of 400 to 500 targeted net openings from 2024 to 2026.
For fiscal 2024 (its current fiscal year), Pandora updated the number of targeted store openings. It now plans to open 125 to 150 concept stores, up from 100 to 150. The plan for 50 to 75 shop-in-shops remains the same.
The jewelry retailer operates 6,658 points of sale as of Q3, a gain of 23 points of sale.
Looking to the year ahead, Pandora once again raised its guidance.
“Despite lingering macroeconomic uncertainties and, therefore, tepid growth in many jewelry markets, Pandora’s strategic initiatives under its Phoenix [strategy] are on track and have continued to yield positive results,” said Pandora.
The company raised the low end of its organic growth guidance, now expecting growth of 11 to 12 percent, up from 9 to 12 percent.
Its EBIT margin guidance is unchanged at around 25 percent.
More on Financials
The Latest
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
