PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
FinancialsNov 07, 2018
Pandora Cuts Guidance Again After Poor Q3, Weak Start to Q4
U.S. sales were down 12 percent, with strong sales online not enough to offset the company’s in-store performance.
Pandora introduced “Reflexions” in October, a mesh-style collection that features its first new bracelet in five years. The company said Tuesday amid poor third quarter results that Reflexions “has been very well received by the consumers.”
Copenhagen, Denmark—Pandora reported Tuesday that U.S. sales dropped alongside worldwide sales in Q3, causing the company to cut its fiscal guidance for the year again.
Total sales of Pandora jewelry in the United States fell 12 percent year-over-year in the third quarter to DKK 1 billion ($153.2 million).
Like-for-like sales rose 4 percent due to online sales, though the company noted that the performance of its e-commerce site was not enough to override slow in-store sales and the changing in the timing of shipments. The Christmas collection was in stores already in the third quarter 2017 but won’t ship until the fourth quarter this year.
Globally, Pandora saw revenue decrease 3 percent in local currency to DKK 5 billion ($765.8 million). Like-for-like sales growth also slipped 3 percent.
Gross margin fell from 74.2 percent to 72.3 percent, and EBITDA was DKK 1.4 billion ($214.4 million) down from DKK 2.0 billion ($306.3 million) in the third quarter 2017.
Revenue from Pandora-owned stores was up 34 percent in local currency, but that was due mainly to new store openings; like-for-like growth only increased 1 percent.
E-store sales grew 52 percent and now account for 8 percent of total revenue, up from 5 percent a year ago.
Revenue from the company’s wholesale channel fell 27 percent, impacted by Pandora buying back franchise stores over the past year and closing more accounts at independent jewelers, and wholesalers cutting back on inventory due to poor sales.
Following what Chief Financial Officer Anders Boyers called an “unsatisfactory” third quarter and a “weak” start to the fourth, the company lowered its expectations for the year.
It said it now expects full-year revenue growth of 2 to 4 percent, down from the 7 to 10 percent predicted at the beginning of the year and the revised forecast of 5 to 7 percent sales growth delivered in the second quarter.
Pandora also announced Tuesday it was launching a turnaround plan that includes buying back fewer franchise stores, opening new stores only in markets that are not oversaturated like China, India and Latin America, focusing on omnichannel and cutting costs companywide.
After laying out an ambitious plan that included aggressive store growth and branching out from its core beads and charm bracelets into new jewelry like plated karat gold pieces, the Copenhagen-headquartered company finds itself in a state of disarray.
Sales continue to disappoint and Pandora is searching for a new CEO; it
Editors' Picks
Sponsored by
will be the company’s sixth leader since going public in 2010.
The last CEO, Anders Colding Friis, stepped down at the end of August after less than four years on the job. Boyers and Chief Operating Officer Jeremy Schwartz are running the company together until a replacement is found.
Following Friis’ departure, rumors began to swirl that a private equity firm will acquire Pandora and take it private.
The last CEO, Anders Colding Friis, stepped down at the end of August after less than four years on the job. Boyers and Chief Operating Officer Jeremy Schwartz are running the company together until a replacement is found.
Following Friis’ departure, rumors began to swirl that a private equity firm will acquire Pandora and take it private.
More on Financials
The Latest
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
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.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
SourcingSep 14, 2026
Gemfields Sells All Lots at First Emerald Auction in 9 MonthsThe company’s managing director of sales said the results demonstrate “continued strong demand for commercial-quality emeralds.”
SourcingSep 14, 2026
Diamonds Do Good Pledges Support for Eye Care ProgramThe nonprofit awarded a grant to the Gift of Sight initiative spearheaded by South African musician Black Coffee.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
