CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
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
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
