AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
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.
More on Financials
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
