Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
FinancialsNov 05, 2019
Pandora Lowers Yearly Outlook Following Rough Q3
Like-for-like sales were down across its top seven markets, including a 9 percent dip in the United States.
Sales of Pandora’s charms were down 12 percent year-over-year in the third quarter.
Copenhagen, Denmark—Pandora had a rough third quarter and has lowered its financial outlook for the year as the cost of its brand relaunch and weak sales in China weigh heavy on its balance sheet.
Like-for-like sales dipped 10 percent year-over-year, including double-digit declines in key markets such as the U.K. and China. (Like-for-like represents true comparable sales out of stores that have been open for at least a year, excluding currency fluctuations.)
Quarterly revenue totaled 4.42 billion Danish kroner ($656.63 million), falling 11 percent compared with 4.98 billion kroner ($740.85 million) in the third quarter of last year.
“The deliberate actions of the commercial reset hurt our short-term financial performance, but it’s unquestionably the right thing to do,” CEO Alexander Lacik said in an earnings call Tuesday morning.
“We will exit 2019 in much better shape in key areas with less dependence on promotions, more balanced inventory levels, and a more efficient product assortment.”
Like-for-like online sales jumped 12 percent, accounting for 10 percent of total revenue, slightly higher than the 8 percent in the previous third quarter.
Total revenue in the United States fell 14 percent year-over-year while like-for-like sales sank 9 percent. The U.S. remains Pandora’s top market, accounting for 20 percent of global revenue.
Pandora attributed the weak performance in the U.S. to a reduction of promotional activity—it cut back on the number of sale days by 40 percent—but noted that adjusting for the reduction, like-for-like sales were “in line with the overall retail traffic development in the U.S.”
Organic growth— sales into stores (sell-in) plus sales from newly opened stores (also excluding currency fluctuations)— in the U.S. sank 18 percent, which the company said represents a “significant reduction” in inventory among its wholesale partners, which was larger than it expected this quarter.
Pandora described its performance in China as “disappointing,” seeing a 7 percent dip in total revenue and a 16 percent drop in like-for-like sales.
Double-digit growth in sales on Tmall, a popular e-commerce site, was offset by weak sales for Chinese Valentine’s Day this August. The holiday accounts for around 32 percent of its third-quarter revenue, Pandora said.
The company has responded with a “Win-in-China” initiative, an element of its Programme Now turnaround effort, which includes commercial initiatives, like brand positioning, and optimizing its media spend.
Like-for-like sales were down across the board in Pandora’s top seven markets, including a 10 percent dip in the U.K., its second-largest market by revenue share,
and a 12 percent dip in Italy.
By category, sales of charms fell 12 percent year-over-year while sales of bracelets and rings were both down 13 percent.
Revenue from its earrings and necklaces and pendants segments slipped 6 percent.
Looking ahead, Pandora lowered its financial guidance for the full year, forecasting negative organic revenue growth in the 7 to 9 percent range, compared with its previous guidance of a 3 to 7 percent decline.
The company attributed the change in part to higher-than-expected cuts in inventory levels with its wholesale partners.
In a press release, Lacik called the third quarter “an important milestone for Pandora,” noting consumers have responded positively to the company’s rebranding initiatives, adding that Pandora is expecting “solid” Christmas sales.
“We continue to believe that we will see an improvement in like-for-like in Q4, although the exact magnitude is clearly subject to uncertainty,” he said.
In addition to its quarterly results, Pandora announced Monday the nomination of Peter Ruzicka as its new member and chair of its board of directors.
His appointment is subject to election at its general meeting, which is scheduled for Dec. 4.
By category, sales of charms fell 12 percent year-over-year while sales of bracelets and rings were both down 13 percent.
Revenue from its earrings and necklaces and pendants segments slipped 6 percent.
Looking ahead, Pandora lowered its financial guidance for the full year, forecasting negative organic revenue growth in the 7 to 9 percent range, compared with its previous guidance of a 3 to 7 percent decline.
The company attributed the change in part to higher-than-expected cuts in inventory levels with its wholesale partners.
In a press release, Lacik called the third quarter “an important milestone for Pandora,” noting consumers have responded positively to the company’s rebranding initiatives, adding that Pandora is expecting “solid” Christmas sales.
“We continue to believe that we will see an improvement in like-for-like in Q4, although the exact magnitude is clearly subject to uncertainty,” he said.
In addition to its quarterly results, Pandora announced Monday the nomination of Peter Ruzicka as its new member and chair of its board of directors.
His appointment is subject to election at its general meeting, which is scheduled for Dec. 4.
More on Financials
The Latest
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
Policies & IssuesJul 08, 2025
SMO Gold Launches New FoundationIn its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.
Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayThe announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
SourcingJul 07, 2025
Natural Diamond Council CEO David Kellie To Step DownKellie, who joined the organization in 2019, will remain in his role through the end of 2025.
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store BurglaryPolice officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
