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Despite widespread store closures, Pandora has recorded positive revenue and sales results.
Despite widespread store closures, Pandora has recorded positive revenue and sales results.

Pandora Jewelry records promising first-quarter results

Pandora Jewelry has released its Q1 2021 financial update, recording revenue of DKK4.5 billion ($AU935 million) amid continued store closures due to the COVID-19 pandemic.

Revenue was 13 per cent higher than the same period in 2020, when the company recorded DKK4.17 billion ($AU867.3 million); sales also increased by 13 per cent. 

"Revenue was 13 per cent higher than the same period in 2020, when the company recorded DKK4.17 billion ($AU867.3 million); sales also increased by 13 per cent"

However, in Q1 2020, approximately 90 per cent of Pandora stores were temporarily closed – starting with its Chinese locations from 22 January. The next market to close stores was Italy on 11 March, closely followed by France and the US on 14 and 15 March respectively.

By Q1 2021, approximately 30 per cent of the Pandora international store network was temporarily closed, rising to 35 per cent at the end of March.

Compared with Q1 2019, when its full store network was open, the company’s revenue decreased 6.2 per cent and sales declined 3 per cent.

An aide de memoire accompanying the Q1 update noted, “While we haven't fully turned around, we clearly see that the brand is turning around. Our brand continues to gather momentum. There are a few key drivers behind this, like more distinct and relevant advertising, continued strong media investments, significantly smarter targeting, strong progress in merchandising and overall a much stronger organisation.”

The aide de memoire also stated that the Chinese market would “remain a drag on total revenue growth in 2021 and that revenue in China for the year will be well below 2019.”

The company estimates a quarter of its network will be temporarily closed during the first six months of 2021, but that these closures will have a ‘limited impact’ in the second half of the year.

Pandora’s full Q1 financial report will be released on 4 May.

 

More reading:
Pandora sales fall during 2020; outlook optimistic for 2021
Pandora launches holiday marketing campaign with Millie Bobby Brown, celebrity 'Muses'
Pandora Jewellery relaunch begins to pay dividends
 











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