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
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
Weekly QuizJul 25, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern IndiaThe “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHoCreative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s LondonNext week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the HolidaysEmmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.
