EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
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
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
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
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.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
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.
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.
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.
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.
