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.
Editors' Picks
Sponsored by
More on Financials
The Latest
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
