IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
FinancialsMay 05, 2020
Pandora’s Q1 Revenue Falls, but Online Sales Strong
The Danish jeweler temporarily closed 90 percent of its stores in light of the coronavirus pandemic.
Pandora posted a double-digit revenue drop in the first quarter as the coronavirus pandemic kept many of its stores shuttered and customers at home.
Copenhagen, Denmark—Pandora had a rough first quarter posting double-digit drops in revenue and like-for-like sales as the coronavirus pandemic kept many of its storefronts closed.
The jeweler temporarily closed 90 percent of its stores, though its production in Thailand has remained largely unaffected.
The company noted it would guarantee base pay for all store staff affected by the temporary closures until June 1 while the executive management and board of directors will take a temporary salary cut of 20 percent.
Quarterly like-for-like sales dipped 11 percent year-over-year, though Pandora said like-for-like was positive in most of its key markets prior to the coronavirus outbreak.
Like-for-like represents true comparable sales from stores that have been open for at least a year, excluding currency fluctuations.
First-quarter revenue totaled 4.17 billion Danish kroner ($606.5 million), down 14 percent compared with 4.80 billion kroner ($698.4 million) in the first quarter last year.
The company “is now preparing for the recovery after the pandemic, and our strong performance in January and February makes us confident in the underlying brand momentum,” said CEO Alexander Lacik in a press release.
By region, revenue in the Americas totaled 1.4 billion Danish kroner ($197.3 million), down 7 percent year-over-year.
In the U.S. specifically, revenue totaled 935 million Danish kroner ($135.9 million), down 7 percent year-over-year.
Sales in Asia-Pacific saw the highest percentage drop, down 45 percent year-over-year to 614 million Danish kroner ($89.3 million).
In a February interview with Reuters following Pandora’s fourth-quarter results, Lacik said the company had experienced an “unprecedented” drop in business in China.
“As I sit here and watch the Chinese business, it is in a standstill mode, I mean there’s pennies being sold,” said Lacik.
Even as stores began to reopen, Lacik said customer traffic was minimal.
In Europe, the Middle East, and Africa, sales dipped 2 percent to 2.2 billion Danish kroner ($319.8 million).
By sales channel, Pandora-owned retail stores, including the online store, brought in 2.62 billion Danish kroner ($381.3 million), a 15 percent decrease year-over-year.
With stores temporarily closed, online sales totaled 621 million Danish kroner ($90.3 million), posting organic growth of 29 percent year-over-year and growing by triple-digits in April.
“The online business is firing on all cylinders and this is a resilient channel that we can continue to push very hard,” said Lacik in an earnings call Tuesday morning.
Wholesale revenue totaled 1.33 billion Danish kroner ($193.1 million), down 13 percent year-over-year.
Sales were down double-digits across product categories with sales of
Editors' Picks
Sponsored by
charms, which account for 51 percent of first-quarter revenue, dropping 13 percent year-over-year.
Bracelet sales fell 11 percent while ring sales were down 14 percent.
Necklace and pendant sales, a segment that has seen growth over the last few quarters, were down 18 percent while earrings sales took the hardest hit, down 20 percent year-over-year.
There were 2,746 Pandora concept stores as of the end of the first quarter, 24 fewer than the previous first quarter.
The jeweler scrapped its original forecast for the quarter as the coronavirus situation escalated, a factor that was not taken into account when issuing guidance.
Looking ahead, Pandora said its strong cash flow and cost-cutting measures have put it in a good position to withstand “a sustained period with very weak demand.”
In March, Pandora announced a multipronged strategic reorganization, the next step in its turnaround plan.
The plan included cutting 180 jobs, less than 1 percent of its workforce, and closing some regional offices.
The jeweler outlined plans to bolster its retail skills, invest more in tech and data analytics, and separate its legacy products, like its charms, and its newer offerings into two separate global business units.
The company also recently hired former H&M executive Martino Pessino as its new chief commercial officer.
Pandora has raised additional committed funding of 3 billion kroner ($436.1 million) in a deal with banks and will sell 8 million in treasury shares in an accelerated bookbuilding, meaning a short-term, controlled sale to quickly raise funds.
The company said if stores were to open gradually throughout the second quarter and return to a near-normal state in the fourth quarter, it would not need the additional funds.
Bracelet sales fell 11 percent while ring sales were down 14 percent.
Necklace and pendant sales, a segment that has seen growth over the last few quarters, were down 18 percent while earrings sales took the hardest hit, down 20 percent year-over-year.
There were 2,746 Pandora concept stores as of the end of the first quarter, 24 fewer than the previous first quarter.
The jeweler scrapped its original forecast for the quarter as the coronavirus situation escalated, a factor that was not taken into account when issuing guidance.
Looking ahead, Pandora said its strong cash flow and cost-cutting measures have put it in a good position to withstand “a sustained period with very weak demand.”
In March, Pandora announced a multipronged strategic reorganization, the next step in its turnaround plan.
The plan included cutting 180 jobs, less than 1 percent of its workforce, and closing some regional offices.
The jeweler outlined plans to bolster its retail skills, invest more in tech and data analytics, and separate its legacy products, like its charms, and its newer offerings into two separate global business units.
The company also recently hired former H&M executive Martino Pessino as its new chief commercial officer.
Pandora has raised additional committed funding of 3 billion kroner ($436.1 million) in a deal with banks and will sell 8 million in treasury shares in an accelerated bookbuilding, meaning a short-term, controlled sale to quickly raise funds.
The company said if stores were to open gradually throughout the second quarter and return to a near-normal state in the fourth quarter, it would not need the additional funds.
More on Financials
The Latest
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
