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
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEOThe brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.
MajorsJun 10, 2025
Lauren Johansen Joins Loudr As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
IndependentsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
