MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
FinancialsFeb 04, 2020
Pandora’s Q4 Results Suffer as Weak Sales in China Take A Toll
CEO Alexander Lacik told Reuters the jeweler’s business in China is in “standstill mode” as a result of the coronavirus.
Sales of Pandora’s charms were down 6 percent year-over-year in 2019.
Copenhagen, Denmark—Pandora had a rough fourth quarter as weak sales in China and the cost of its brand relaunch weighed on its balance sheet but remains hopeful its turnaround plan is working.
In an interview with Reuters, CEO Alexander Lacik was frank about the “unprecedented” drop in the jeweler’s business in China as a result of the coronavirus, which has caused 400 casualties so far.
“As I sit here and watch the Chinese business, it is in a standstill mode, I mean there’s pennies being sold,” said Lacik.
He said 70 of its 240 stores in China have been closed by order of the government and customer traffic at its open stores “is next to none.”
Quarterly like-for-like sales dipped 4 percent year-over-year, but Pandora highlighted it as an improvement compared with the 7 percent drop in 2018.
Like-for-like represents true comparable sales out of stores that have been open for at least a year, excluding currency fluctuations.
For the full year, like-for-like sales were down 8 percent.
The numbers were in-line with those Pandora had announced in its preliminary financial results in January.
The company noted Italy, France, and Germany, three of its seven largest markets, showed improvement in like-for-like sales, while growth in the U.S. and U.K. also improved.
Pandora has completed the first year of Programme Now, its two-year turnaround plan, and points to the improvements as evidence that Pandora “is on the right path to return to sustainable growth.”
Fourth-quarter
revenue totaled 7.96 billion Danish kroner ($1.18 billion), up 1 percent compared with 7.89 billion kroner ($1.17 billion) in the fourth quarter last year.
Nigel Frith, a senior market analyst at AskTraders.com, pointed to Pandora’s improvement in fourth-quarter sales as “evidence that attempts to turn the fashion jewelry retailer around are starting to pay off.”
Full-year revenue clocked in at 21.87 billion Danish kroner ($3.23 billion), down 4 percent compared with 22.81 billion Danish kroner ($3.37 billion) in 2018.
By region, full-year revenue in the Americas totaled 6.77 billion Danish kroner ($1 billion), down 1 percent compared with 6.81 billion Danish kroner ($1 billion) in 2018.
Sales in Asia-Pacific were down 9 percent year-over-year to 4.36 billion Danish kroner ($644.3 million) while sales in Europe, the Middle East, and Africa dipped 4 percent to 10.74 billion Danish kroner ($1.59 billion).
By sales channel, its physical stores brought in 11.4 billion Danish kroner ($1.68 billion), an 8 percent increase year-over-year.
Online sales totaled 2.78 billion Danish kroner ($410.8 million), up 21 percent year-over-year.
Wholesale revenue totaled 7.69 billion Danish kroner ($1.14 billion), down 22 percent year-over-year.
By product category, sales of charms were down 6 percent year-over-year while bracelet sales dipped 4 percent.
Ring sales were down 2 percent while earrings sales were up less than 1 percent.
The sole gainer was the necklaces and pendants category, up 2 percent year-over-year.
Pandora recently introduced the O pendant, which allows customers to wear their Pandora charms on a necklace or clip them onto bags or jeans.
Quarterly organic growth—sales into stores (sell-in) plus sales from newly opened stores (also excluding currency fluctuations)—was down 1 percent, the same as the Q4 2018.
For the full year, organic growth was down 8 percent.
“In 2020, we will continue to invest significantly to drive the topline, strengthen our organizational capabilities and pursue further cost reductions to fund our growth initiatives,” said CEO Lacik.
Looking ahead, Pandora expects its like-for-like sales to improve from its 8 percent dip in 2019 to a negative “mid-single-digit” in 2020 while organic growth is expected to be down 3 to 6 percent.
The company said the like-for-like development in 2020 is a result of further reduction of its promotional discounts, an expected weak underlying performance in China, and an underlying improvement in performance in the majority of its other markets.
Pandora noted its guidance does not include any impact from the coronavirus situation in China.
Analyst Frith said spending in the key markets of China and Hong Kong are expected to be significantly lower than previous years.
“For Pandora, as well as many retailers with a presence in China and Hong Kong, the outlook for the year depends greatly on how the coronavirus epidemic unfolds and, of course, whether cases start to ramp up in Europe and the U.S. where up to now cases have been few,” noted Frith.
The jeweler said it will continue to open stores in “white-space areas,” meaning places where it believes there are unmet needs the company could fulfill.
Pandora said it plans to invest in its online channel while also considering “use of additional online marketplaces.”
There are 2,770 Pandora stores as of Feb. 4, 65 more than in 2018.
Nigel Frith, a senior market analyst at AskTraders.com, pointed to Pandora’s improvement in fourth-quarter sales as “evidence that attempts to turn the fashion jewelry retailer around are starting to pay off.”
Full-year revenue clocked in at 21.87 billion Danish kroner ($3.23 billion), down 4 percent compared with 22.81 billion Danish kroner ($3.37 billion) in 2018.
By region, full-year revenue in the Americas totaled 6.77 billion Danish kroner ($1 billion), down 1 percent compared with 6.81 billion Danish kroner ($1 billion) in 2018.
Sales in Asia-Pacific were down 9 percent year-over-year to 4.36 billion Danish kroner ($644.3 million) while sales in Europe, the Middle East, and Africa dipped 4 percent to 10.74 billion Danish kroner ($1.59 billion).
By sales channel, its physical stores brought in 11.4 billion Danish kroner ($1.68 billion), an 8 percent increase year-over-year.
Online sales totaled 2.78 billion Danish kroner ($410.8 million), up 21 percent year-over-year.
Wholesale revenue totaled 7.69 billion Danish kroner ($1.14 billion), down 22 percent year-over-year.
By product category, sales of charms were down 6 percent year-over-year while bracelet sales dipped 4 percent.
Ring sales were down 2 percent while earrings sales were up less than 1 percent.
The sole gainer was the necklaces and pendants category, up 2 percent year-over-year.
Pandora recently introduced the O pendant, which allows customers to wear their Pandora charms on a necklace or clip them onto bags or jeans.
Quarterly organic growth—sales into stores (sell-in) plus sales from newly opened stores (also excluding currency fluctuations)—was down 1 percent, the same as the Q4 2018.
For the full year, organic growth was down 8 percent.
“In 2020, we will continue to invest significantly to drive the topline, strengthen our organizational capabilities and pursue further cost reductions to fund our growth initiatives,” said CEO Lacik.
Looking ahead, Pandora expects its like-for-like sales to improve from its 8 percent dip in 2019 to a negative “mid-single-digit” in 2020 while organic growth is expected to be down 3 to 6 percent.
The company said the like-for-like development in 2020 is a result of further reduction of its promotional discounts, an expected weak underlying performance in China, and an underlying improvement in performance in the majority of its other markets.
Pandora noted its guidance does not include any impact from the coronavirus situation in China.
Analyst Frith said spending in the key markets of China and Hong Kong are expected to be significantly lower than previous years.
“For Pandora, as well as many retailers with a presence in China and Hong Kong, the outlook for the year depends greatly on how the coronavirus epidemic unfolds and, of course, whether cases start to ramp up in Europe and the U.S. where up to now cases have been few,” noted Frith.
The jeweler said it will continue to open stores in “white-space areas,” meaning places where it believes there are unmet needs the company could fulfill.
Pandora said it plans to invest in its online channel while also considering “use of additional online marketplaces.”
There are 2,770 Pandora stores as of Feb. 4, 65 more than in 2018.
More on Financials
The Latest
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
