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.
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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.
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