It is located in Marin County, California.
Pandora Cuts Guidance Again After Poor Q3, Weak Start to Q4
U.S. sales were down 12 percent, with strong sales online not enough to offset the company’s in-store performance.
Copenhagen, Denmark—Pandora reported Tuesday that U.S. sales dropped alongside worldwide sales in Q3, causing the company to cut its fiscal guidance for the year again.
Total sales of Pandora jewelry in the United States fell 12 percent year-over-year in the third quarter to DKK 1 billion ($153.2 million).
Like-for-like sales rose 4 percent due to online sales, though the company noted that the performance of its e-commerce site was not enough to override slow in-store sales and the changing in the timing of shipments. The Christmas collection was in stores already in the third quarter 2017 but won’t ship until the fourth quarter this year.
Globally, Pandora saw revenue decrease 3 percent in local currency to DKK 5 billion ($765.8 million). Like-for-like sales growth also slipped 3 percent.
Gross margin fell from 74.2 percent to 72.3 percent, and EBITDA was DKK 1.4 billion ($214.4 million) down from DKK 2.0 billion ($306.3 million) in the third quarter 2017.
Revenue from Pandora-owned stores was up 34 percent in local currency, but that was due mainly to new store openings; like-for-like growth only increased 1 percent.
E-store sales grew 52 percent and now account for 8 percent of total revenue, up from 5 percent a year ago.
Revenue from the company’s wholesale channel fell 27 percent, impacted by Pandora buying back franchise stores over the past year and closing more accounts at independent jewelers, and wholesalers cutting back on inventory due to poor sales.
Following what Chief Financial Officer Anders Boyers called an “unsatisfactory” third quarter and a “weak” start to the fourth, the company lowered its expectations for the year.
It said it now expects full-year revenue growth of 2 to 4 percent, down from the 7 to 10 percent predicted at the beginning of the year and the revised forecast of 5 to 7 percent sales growth delivered in the second quarter.
Pandora also announced Tuesday it was launching a turnaround plan that includes buying back fewer franchise stores, opening new stores only in markets that are not oversaturated like China, India and Latin America, focusing on omnichannel and cutting costs companywide.
After laying out an ambitious plan that included aggressive store growth and branching out from its core beads and charm bracelets into new jewelry like plated karat gold pieces, the Copenhagen-headquartered company finds itself in a state of disarray.
Sales continue to disappoint and Pandora is searching for a new CEO; it
The last CEO, Anders Colding Friis, stepped down at the end of August after less than four years on the job. Boyers and Chief Operating Officer Jeremy Schwartz are running the company together until a replacement is found.
Following Friis’ departure, rumors began to swirl that a private equity firm will acquire Pandora and take it private.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.