SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
FinancialsFeb 04, 2021
Pandora’s 2020 Sales Sink Despite Strong Online Performance
The Danish jewelry company is approaching 2021 with caution as COVID-19 restrictions linger.
Physical traffic into Pandora-owned retail stores was down 60 percent year-over-year in the fourth quarter but the conversion rate was up, the company noted in releasing its Q4 and full-year results Thursday.
Copenhagen, Denmark—Pandora’s online sales nearly doubled in the fourth quarter and for the year, but the Danish jeweler is approaching fiscal 2021 with caution as COVID-19 restrictions continue to weigh on revenue growth.
Fourth-quarter revenue was down 1 percent year-over-year to 7.89 billion Danish kroner ($914.08 million) compared with 7.96 billion kroner ($921.6 million) in the fourth quarter last year.
Quarterly like-for-like sales were up 6 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.)
The strong finish and jump in digital sales were not enough, however, to completely offset the loss in sales caused by COVID-19.
Full-year revenue fell 13 percent to 19.01 billion Danish kroner ($2.2 billion) compared with 21.87 billion kroner ($2.53 billion) in the previous period.
Like-for-like sales were up 1 percent.
CEO Alexander Lacik described the year as “truly challenging,” noting the company was in the middle of its turnaround program while dealing with the COVID-19 pandemic and a change to its organizational structure and its operating model.
“Despite these significant disruptions, we managed to navigate the business to a very strong performance, leading to market share gains in many markets,” said Lacik in a press release about the results.
“We continue to invest strongly in building the brand desirability, digital capabilities and operational excellence, all of which will be key foundations as we gradually move from transformation to growth mode.”
By product category, sales of charms were down 4 percent in the quarter and down 15 percent for the full year.
Bracelet sales were up 4 percent in Q4 but down 11 percent for the full year.
In the ring category, quarterly sales slipped 1 percent while annual sales fell 11 percent, while earring sales were up 3 percent in the quarter and down 11 percent for the full year.
Sales of necklaces and pendants were up 5 percent in the quarter, but down 8 percent for the full year.
By sales channel, Pandora-owned retail stores, including the online store, brought in 5.53 billion Danish kroner ($640 million) in the fourth quarter, up 6 from the previous year.
For the full year, retail sales were down 5 percent year-over-year to 13.43 billion Danish kroner ($1.56 billion).
Wholesale sales in the fourth quarter fell 14 percent to 2.14 billion Danish kroner ($248.2 million). For the full year, wholesale sales sank 26 percent to 4.95 billion Danish kroner ($573.2 million)
During the fourth quarter, more
than 10 percent of Pandora’s physical stores were closed due to COVID-19 restrictions.
The traffic into Pandora-owned physical stores plummeted 60 percent year-over-year in the fourth quarter, though Pandora noted the conversation rate was higher.
The company operated 2,690 stores as of the fourth quarter, 80 fewer when compared with the previous fourth quarter.
Online sales nearly doubled in the quarter, up 94 percent to 2.53 billion Danish kroner ($293.4 million), and accounted for 32 percent of total revenue.
For the full year, online sales were up 97 percent to 5.48 billion Danish kroner ($635.1 million), accounting for 29 percent of revenue.
In the United States, Pandora’s largest market accounting for 25 percent of total revenue, sales were strong in the fourth quarter with online shopping and curbside pickup alleviating the sting of COVID-19-related restrictions.
The Star Wars collection, released in October 2020, was especially well-received.
Quarterly revenue in the U.S. totaled 1.98 million Danish kroner ($229.6 million), up 11 percent year-over-year.
For the full year, U.S. revenue fell 4 percent to 4.51 billion Danish kroner ($521.9 million).
Looking ahead, Pandora said it expects to return to top-line growth, but remains wary of the effects of the COVID-19 pandemic.
The traffic into Pandora-owned physical stores plummeted 60 percent year-over-year in the fourth quarter, though Pandora noted the conversation rate was higher.
The company operated 2,690 stores as of the fourth quarter, 80 fewer when compared with the previous fourth quarter.
Online sales nearly doubled in the quarter, up 94 percent to 2.53 billion Danish kroner ($293.4 million), and accounted for 32 percent of total revenue.
For the full year, online sales were up 97 percent to 5.48 billion Danish kroner ($635.1 million), accounting for 29 percent of revenue.
In the United States, Pandora’s largest market accounting for 25 percent of total revenue, sales were strong in the fourth quarter with online shopping and curbside pickup alleviating the sting of COVID-19-related restrictions.
The Star Wars collection, released in October 2020, was especially well-received.
Quarterly revenue in the U.S. totaled 1.98 million Danish kroner ($229.6 million), up 11 percent year-over-year.
For the full year, U.S. revenue fell 4 percent to 4.51 billion Danish kroner ($521.9 million).
Looking ahead, Pandora said it expects to return to top-line growth, but remains wary of the effects of the COVID-19 pandemic.
More on Financials
The Latest
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
