Pandora embarks on new growth strategy - Strong Q1. Guidance for 2021 upgraded



  • Pandora had a strong start to 2021. Despite 30% of the stores being closed in Q1 due to COVID-19, organic growth was -3% vs Q1 2019 where there was no COVID-19 impact (+13% vs Q1 2020)
  • Online growth was 136% in Q1 2021 vs last year and more than 200% vs 2019
  • Stimulus packages in US fuelled consumer demand
  • China performance continues to be weak, albeit in line with expectations, and remains a strategic priority
  • EBIT margin increased from 15.3% in Q1 2020 to 20.1% in Q1 2021, driven by operating leverage
  • Based on the strong performance in Q1 2021, the financial guidance for 2021 is raised
  • After two years of turnaround, Programme NOW has been completed. The key objectives of stabilising the topline, increase brand relevance and brand access and reduce cost have been achieved
  • The headlines of a new strategy is launched today. The strategy focuses on delivering sustainable and profitable revenue growth building on the vast untapped opportunities within our existing core business
  • Low financial leverage and strong liquidity position. Pandora resumes cash distribution to the shareholders. DKK 1 billion to be distributed in Q2 2021

To provide a cleaner view on the performance, Pandora is providing supplementary growth KPI’s vs 2019, where there was no COVID-19 impact. Sell-out growth vs Q1 2019 was -5% in spite of 30% of the stores being temporarily closed during Q1 2021. Revenue was driven by continued strong growth in the US as well as sustained online performance. US delivered 52% sell-out growth vs. Q1 2019, with stimulus packages fuelling strong consumer demand.

Based on the strong start to 2021, the financial guidance for 2021 is upgraded to organic growth “above 12%” (previously “above 8%”) and EBIT margin “above 22%” (previously “above 21%”).

Alexander Lacik, President and CEO of Pandora, says:
“We have had a good start to 2021, not least considering that many of our stores have been closed. Performance in the US and online continues to be strong, and we keep investing in building brand desirability, digital capabilities and operational excellence. COVID-19 obviously remains a challenge and our priority is the safety and wellbeing of our employees and consumers. During the last two years, Programme NOW has significantly improved Pandora’s foundation and I am pleased to say the turnaround is now behind us. Today, we can turn the page on the next chapter for Pandora and announce our new strategy, moving us from turnaround to sustainable growth.”

Financial overview (excl. Programme NOW restructuring costs in 2020)

    Q1 2021 Q1 2020 FY 2020
Organic growth, %   13% -14% -11%
Sell-out growth incl. temporarily closed stores, %   21% -17% -12%
Sell-out growth incl. temporarily closed stores, % vs 2019   -5% n/a n/a
Revenue, DKK million   4,500 4,172 19,009
Gross margin, %   76.3% 77.4% 76.5%
EBIT margin, %   20.1% 15.3% 20.4%

An extended conference call for investors and financial analysts will be held today at 11.00 CET and can be joined online at The presentation for the call will be available on the website one hour before the call.

The following numbers can be used by investors and analysts:
DK: +45 35 44 55 77
UK (International): +44 33 33 000 804
US: +1 631 913 1422

Please use PIN: 526 45 052#

Link to webcast:

Pandora designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries on six continents through more than 6,700 points of sale, including more than 2,600 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora employs around 26,000 people worldwide of whom more than 11,400 are located in Thailand, where the Company manufactures its jewellery. Pandora is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2020, Pandora’s total revenue was DKK 19.0 billion.

For more information, please contact:

INVESTOR RELATIONS                           

John Bäckman
VP, Investor Relations, Tax & Treasury
+45 5356 6909

Mads Twomey-Madsen
VP, Corporate Communications & Sustainability
+45 2510 0403

Kristoffer Malmgren
Director, Investor Relations
+45 3050 1174

Johan Melchior
Director, External Relations
+45 4060 1415