FinancialsNov 08, 2023
Watches of Switzerland’s Jewelry Sales Sink in Q2FinancialsNov 09, 2023
Pandora’s US Sales Bounce Back in Q3
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Cat enthusiast and former model and Vogue Creative Director At-Large Grace Coddington is among the faces of Pandora’s “Diamonds for All” campaign, launched earlier this year to promote its new lab-grown diamond jewelry. The jewelry brand said investments in marketing helped propel sales in the third quarter.
Copenhagen, Denmark—Pandora recorded solid third-quarter results despite the overall decline in jewelry sales, with the brand reporting an uptick in traffic it attributes to the money it’s sunk into marketing.
It also noted an “unexpected” increase in demand from tourists, including domestic tourists, a pattern it said may not repeat in Q3 2024.
Globally, Pandora’s sales grew 11 percent year-over-year (9 percent on a like-for-like basis) to 5.57 billion Danish kroner ($799.6 million) in the third quarter, the company reported Wednesday.
Gross margin hit an all-time high of 79 percent, due to Pandora’s decision to raise prices beginning in late 2022, as well as cost efficiencies and channel mix.
Operating profit (EBIT) fell 6 percent from DKK 978 million ($140.4 million) to DKK 920 million ($132.1 million) due to rising costs, but the drop was less than analysts expected, prompting the jewelry company to raise its annual guidance once again.
Pandora now forecasts sales to grow between 5 percent and 6 percent, up from previous guidance of 2-5 percent.
“We are very pleased with our results this quarter,” said President and CEO Alexander Lacik.
“Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst our all-time high gross margin underpins our unique earnings model. We … continue to see very exciting opportunities ahead for Pandora, as we embark on the next chapter of our growth strategy.”
Pandora is in the middle of a turnaround plan, dubbed “Phoenix.”
At Capital Markets Day in London in October, the company started the next chapter of the plan, investing in global campaigns and fashion events in order make consumers see Pandora as a full jewelry brand, not just a company that makes charm bracelets.
Related stories will be right here …
It also noted an “unexpected” increase in demand from tourists, including domestic tourists, a pattern it said may not repeat in Q3 2024.
Globally, Pandora’s sales grew 11 percent year-over-year (9 percent on a like-for-like basis) to 5.57 billion Danish kroner ($799.6 million) in the third quarter, the company reported Wednesday.
Gross margin hit an all-time high of 79 percent, due to Pandora’s decision to raise prices beginning in late 2022, as well as cost efficiencies and channel mix.
Operating profit (EBIT) fell 6 percent from DKK 978 million ($140.4 million) to DKK 920 million ($132.1 million) due to rising costs, but the drop was less than analysts expected, prompting the jewelry company to raise its annual guidance once again.
Pandora now forecasts sales to grow between 5 percent and 6 percent, up from previous guidance of 2-5 percent.
“We are very pleased with our results this quarter,” said President and CEO Alexander Lacik.
“Our investments in the brand are attracting more consumers into our stores. We have delivered strong broad-based growth whilst our all-time high gross margin underpins our unique earnings model. We … continue to see very exciting opportunities ahead for Pandora, as we embark on the next chapter of our growth strategy.”
Pandora is in the middle of a turnaround plan, dubbed “Phoenix.”
At Capital Markets Day in London in October, the company started the next chapter of the plan, investing in global campaigns and fashion events in order make consumers see Pandora as a full jewelry brand, not just a company that makes charm bracelets.
In the United States, Pandora’s largest market, like-for-like sales were up 5 percent, rebounding from a 4 percent slide in Q2 and a 7 percent decline in Q1.
The company said its marketing initiatives in the U.S. drove more people into its stores in the third quarter and conversion rates were “healthy.”
Wholesale sales also improved, though a gap still remains between the performance of wholesale points of sale and company-owned and -operated locations.
The company mentioned specifically the events it held during New York Fashion Week in late August to introduce the additions it has made to the “Pandora Lab-Grown Diamonds” line (formerly called “Diamonds by Pandora”).
Overall, however, Pandora said the new lab-grown diamond jewelry contributed only incrementally to the company’s Q3 sales growth in the U.S., acknowledging it is still early days for the expanded range.
Pandora now sells lab-grown diamonds in four places: the U.S., Canada, the United Kingdom, and Australia. It said it plans to expand the line into Mexico and Brazil this month.
Like-for-like sales in the category grew 84 percent year-over-year in the third quarter, though Pandora notes that was against a comparatively low base.
Lab-grown diamonds still only accounted for 2 percent of the company’s total quarterly revenue.
Pandora opened 27 concept stores and 16 shop-in-shops in the third quarter. The company said it remains on track to open a net 75-125 concept stores and 50-100 other points of sale this year.
Pandora is converting a growing number of concept stores to its new store model, called Evoke 2.0.
The new layout and look is intended to emphasize the concept of Pandora as a full jewelry brand by showing all the company’s collections in an “intuitive and engaging” way.
Year-to-date, the company said it has opened 22 Evoke 2.0 stores and is on track to open more than 40 globally this year, including the refurbishment of existing stores.
Pandora also noted that through the first nine months of 2023, it has bought a total of 46 concept stores from franchisees in order to convert them into Pandora-owned retail locations.
Thirty-two of these stores were in the United States, with the remaining 14 in Colombia.
More on Financials
The Latest
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
