CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
FinancialsFeb 23, 2016
Pandora pulls out of 116 more stores
The Danish brand announced Tuesday that it has dropped 116 more mostly-U.S.-based retailers from its distribution network in the Americas.
Copenhagen, Denmark--Pandora has dropped 116 more mostly-U.S.-based retailers from its distribution network in the Americas, the Danish brand announced Tuesday alongside its third quarter financial results.
The cutting of the additional stores brings the total number of retailers axed in the Americas to 346 so far this year: 105 in the first quarter and 125 in the second, plus the 116 eliminated in this most recent quarter.
The Copenhagen-based company has stated continually that the closing of “unbranded stores” in the Americas--meaning retailers that carry only a limited assortment of Pandora jewelry--is part of a larger, global strategy to focus more on company-owned and -operated stores and retailers that run its heavily branded shop-in-shops.
The announcement that Pandora has pulled its jewelry from more stores came as the company reported relatively soft third quarter sales in the U.S.
Revenue in the U.S., one of the company’s key markets, grew 6 percent year-over-year in local currency terms, from $120.2 million to $151.4 million.
Contributing to the growth was network expansion, including the launch of its e-commerce site here, the addition of the 22 concept stores acquired from Hannoush Jewelers and sales of rings.
However, the company took a hit by deciding to break from its traditional third quarter bracelet campaign and focus on charms instead, which was done to “enhance the Pandora brand,” the company said.
Globally, the brand saw sales climb 28 percent year-over-year in local currency, reaching $560.5 million.
Gross margin increased from 70.3 percent to 74 percent. Net profit soared to $144.2 million, compared with $103.9 million in the third quarter 2014.
Pandora said it will continue to expand its network of company-owned and -operated stores, with more than 375 concept store openings planned for the remainder of 2015.
Remarking on the third quarter results, CEO Anders Colding Friis said, “The strong top-line development has continued to the third quarter of the year, and again all regions contributed to growth. Europe and Asia Pacific in particular did well … Growth in the U.S. was slightly softer than previous quarters primarily due to a change in promotion strategy in the region to further enhance our brand.”
More on Financials
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
