Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
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
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
