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FinancialsAug 20, 2019
Pandora’s Q2 Sales Dip Ahead of Brand Relaunch
The Danish jewelry company’s turnaround plan includes revamped stores, a redesigned logo, a new slogan and a simplified portfolio.
Revenue from Pandora’s beads and charms declined in the second quarter. The upcoming autumn collection will include an O-shaped pendant, giving consumers the ability it wear its beads, like the one pictured above, and charms on a necklace or clip them onto bags or jeans. (Photo courtesy of Pandora)
Copenhagen, Denmark—Pandora’s like-for-like in-store sales fell double digits in the second quarter, including a 6 percent decline in the United States.
Quarterly revenue totaled 4.69 billion Danish kroner ($697.2 million), slipping 3 percent compared with 4.82 billion kroner ($716 million) in the second quarter of last year.
Like-for-like in-store sales were down 10 percent as foot traffic declined. In contrast, like-for-like online sales jumped 22 percent.
As in the first quarter, in-store sales saw a greater decline at the wholesale level (down 14 percent) than at Pandora-owned retail stores (down 7 percent).
By market, quarterly revenue in the U.S. was flat at 1.04 billion DKK ($154.4 million) while like-for-like sales fell 6 percent. The U.S. remains Pandora’s top market, accounting for 22 percent of global revenue.
Quarterly revenue in China was up 9 percent while like-for-like sales fell 4 percent. Pandora released a 15-piece Peach Blossom collection exclusive to the Chinese market in April followed by a pop-up shop marketed via WeChat, a popular Chinese messaging app.
The company saw improvement in the key markets of the United Kingdom and Italy after increasing marketing efforts in the areas, including more social media and TV campaigns.
Like-for-like sales in the U.K. were down 8 percent in the second quarter while like-for-like sales in Italy dipped 10 compared.
Following the positive results, Pandora said it plans to increase its marketing investments in France and Australia in the second half of fiscal 2019.
By category, bracelet sales were down 2 percent while ring sales dipped 6 percent.
Revenue from its necklaces and pendants segment sank 14 percent in the second quarter despite seeing double-digit growth in the first quarter.
The earrings segment was the only category to see growth, increasing 1 percent.
Pandora said Tuesday that it plans to simplify its product portfolio, reducing its offerings by approximately 30 percent.
The company said since 2015, it has consistently added more designs than it has discontinued leaving it, simply, with too much product that isn’t selling.
“As an example we have, I think, 150 different variations of a heart on a charm. And when you speak to customers, they clearly don’t see the incremental value,” CEO Andrew Lacik said in an interview with Reuters.
In a company presentation, Pandora pointed to a “blurred” brand experience, weak initiatives on charm collecting, executional inconsistency, and “overpush,” which refers to increased promotional activity that leads consumers to wait for the next sale rather than pay full price, as its main problems.
The
Danish jewelry company’s shares were on the rise following the release of its second-quarter results Tuesday despite the double-digit dip in like-for-like sales.
“I think that investors are reacting to the correct diagnosis of the challenges in the company,” Sydbank analyst Søren Løntoft Hansen told Reuters.
For the year ahead, Pandora affirmed its fiscal year financial guidance, expecting organic growth to decline 3-7 percent with like-for-like sales improving slightly.
The company is in the midst of Programme NOW, its two-year turnaround plan that aims to cut costs and revitalize the brand.
On Tuesday, Pandora upped the estimated spend on its restructuring to around 2 billion Danish kroner ($297.1 million), compared with the previous estimate of 1.5 billion Danish kroner ($222.9 million).
The company will kick off its brand relaunch on Aug. 28 with an event in Los Angeles, unveiling its new products and revamped store layout and design.
As its charms segment continues to decline, the upcoming autumn collection will include the “O carrier,” a pendant that will allow consumers to wear their Pandora charms on a necklace or clip them onto bags or jeans.
The brand will also introduce a new logo, monogram, company marker and slogan: “We give a voice to people’s loves – Passions, People & Places.”
The store redesign rollout will take place over the second half of 2019 into next year, with the first rebranded store openings in the U.K. followed by stores in key markets including China and Italy.
“I think that investors are reacting to the correct diagnosis of the challenges in the company,” Sydbank analyst Søren Løntoft Hansen told Reuters.
For the year ahead, Pandora affirmed its fiscal year financial guidance, expecting organic growth to decline 3-7 percent with like-for-like sales improving slightly.
The company is in the midst of Programme NOW, its two-year turnaround plan that aims to cut costs and revitalize the brand.
On Tuesday, Pandora upped the estimated spend on its restructuring to around 2 billion Danish kroner ($297.1 million), compared with the previous estimate of 1.5 billion Danish kroner ($222.9 million).
The company will kick off its brand relaunch on Aug. 28 with an event in Los Angeles, unveiling its new products and revamped store layout and design.
As its charms segment continues to decline, the upcoming autumn collection will include the “O carrier,” a pendant that will allow consumers to wear their Pandora charms on a necklace or clip them onto bags or jeans.
The brand will also introduce a new logo, monogram, company marker and slogan: “We give a voice to people’s loves – Passions, People & Places.”
The store redesign rollout will take place over the second half of 2019 into next year, with the first rebranded store openings in the U.K. followed by stores in key markets including China and Italy.
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