Events & AwardsNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
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
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
