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FinancialsAug 18, 2020
Pandora’s Q2 Sales Sink as COVID-19 Stalls Recovery
The Danish jewelry company also shuttered 32 stores in the second quarter, mainly in Germany, the U.K. and the Nordic countries.
Sales of charms, a Pandora staple, fell 40 percent in the company’s second quarter.
Copenhagen, Denmark—Pandora’s sales sank 39 percent in the second quarter as the resurgence of COVID-19 hampered its recovery.
The Danish jewelry company had a rough first quarter with 90 percent of its locations closed, but began to see sales improve in the second quarter, noting a partial rebound in May and June as its stores began to reopen.
It reported better-than-expected interim results in July.
However, as COVID-19 cases began to rise, local lockdowns in August kept customers from stores and stalled its progress at the beginning of the third quarter.
“We think this release might come below the growingly bullish expectations that were anticipating a faster pace of recovery,” analysts at JPMorgan said in a note, per Reuters.
Second-quarter revenue totaled 2.88 billion Danish kroner ($458.5 million) compared with 4.69 billion kroner ($748.1 million) in the second quarter last year, a 38 percent drop.
Like-for-like sales were up 8 percent year-over-year. (Like-for-like represents true comparable sales from stores that have been open for at least a year, excluding currency fluctuations.)
“Q2 2020 will not be forgotten anytime soon,” CEO Alexander Lacik said in a press release, noting the pandemic could permanently alter consumer behavior.
“Pandora’s business model has proven its resilience during the crisis, and our consumers have continued to engage actively with the brand despite closed stores.”
By product category, sales of charms fell 40 percent while bracelet sales sank 41 percent.
Ring sales fell 31 percent while sales of earrings were down 37 percent. Sales of necklaces and pendants dropped 34 percent.
Pandora noted its recent collaborations with Disney and Harry Potter put on a “solid performance.”
By sales channel, Pandora-owned retail stores, including the online store, brought in 2.48 billion Danish kroner ($395.3 million), an 18 percent decrease year-over-year.
Pandora closed 32 company-owned and -operated stores in the second quarter, and has closed a net total of 56 stores so far this fiscal year.
The company said it utilized the lockdown period to close stores it had already planned to shutter, mainly in Germany, the U.K. and the Nordic countries, and does not expect to have to close many more stores this year.
Online sales were strong, totaling 1.49 billion Danish kroner ($237.5 million), posting organic growth of 176 percent year-over-year.
Pandora said it pushed ahead with digital marketing initiatives to drive online sales and launched “The Blue
Ocean” collection, an online exclusive.
In the United States, Q2 revenue totaled 687 million Danish kroner ($109.5 million), down 35 percent year-over-year. Online sales in the U.S. were “very strong,” growing by triple digits.
“Despite the staggered reopening and subsequent spikes in infection rates, the performance in physical stores improved throughout the quarter with June being materially better than April,” Pandora said of the U.S. market.
The company began reopening its 403 U.S. stores starting May 4. Only 10 percent of its U.S. stores remain closed as of July 31.
Looking ahead, Pandora reinstated its fiscal guidance, expecting to see sales drop between and 20 percent in fiscal 2020.
Its financial guidance is dependent upon a few criteria, including no new large-scale lockdowns and having all of its stores open by the end of the third quarter.
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