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Strong momentum continued in Q3 - Financial guidance for 2021 upgraded on 1 November


  • The strong momentum continued in Q3 2021 with 9% organic growth vs Q3 2019 (14% vs Q3 2020), even though 5% of the physical store network was temporarily closed due to COVID-19
  • High quality growth driven by Moments while further decreasing the level of promotions
  • US remained strong with sell-out growth vs 2019 of 59%
  • Strong rebound in key European markets as stores reopened, delivering 11% sell-out growth vs 2019
  • Performance in Asia, including China, remains weak and heavily impacted by COVID-19
  • Online continued the strong performance with 94% organic growth vs Q3 2019 (2% vs Q3 2020)
  • Moments performed well, supported by the launch of wearing occasions, such as bag holders and key rings
  • Pandora Brilliance – democratizing diamonds. Test launch in UK confirms the potential. Sequential global roll-out to start in 2022
  • Pandora ME was relaunched on 30 September with the aim to become a new platform
  • Strong EBIT margin at 20.2% driven by operating leverage
  • On 1 November, the guidance was upgraded to “organic growth of 18-20%” (previously 16-18%) and EBIT margin of “24.0-24.5%” (previously 23-24%)
  • Pandora continues distributions to shareholders in Q4. The planned distributions, from both dividends and share buybacks, total DKK 5.5 billion from May 2021 to February 2022

Sell-out growth in Q3 2021 vs Q3 2019 was 9%, and in line with organic growth. While the underlying gross margin remains strong, it is impacted in the quarter by one-off costs related to COVID-19 in Thailand as well as the higher silver prices.

Alexander Lacik, President and CEO of Pandora, says:
We are very pleased with the strong sell-out growth in the third quarter. US, our largest market continued the outstanding performance, yet again ahead of market growth. Europe delivered solid growth numbers as the impact from COVID-19 declined. The Asia Pacific region on the other hand was plagued by COVID-19 related impacts. Online had another stellar quarter. We drove strong growth from our core Moments platform, partly fuelled by the latest wearables initiative. Today, we are also excited to announce that Pandora Brilliance, our first collection of lab-created diamond jewellery, will be sequentially rolled out globally from 2022. Finally, we can confirm that despite COVID-19 our production in Thailand and our ability to meet demand have not been significantly impacted.

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

 Q3 2021Q3 20209M 20219M 2020FY 2020  
Organic growth, % 14% -5% 32% -19% -11%
Sell-out growth incl. temporarily closed stores, % 5% -2% 27% -20% -12%
Sell-out growth incl. temporarily closed stores, % vs 2019 9% n/a 4% n/a n/a
Revenue, DKK million 4,728 4,070 14,383 11,118 19,009
Gross margin, % 75.5% 78.1% 76.3% 77.0% 76.5%
EBIT margin, % 20.2% 17.2% 22.0% 12.3% 20.4%


A 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 before the call.

The following numbers can be used by investors and analysts:
DK: +45 35 44 55 77
SE: +46 85 66 42 651
UK (International): +44 33 33 000 804
US: +1 631 913 1422

Please use PIN: 129 83 883#

Link to webcast:

Pandora is the world’s largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 26,000 people worldwide and crafts its jewellery at two LEED certified facilities in Thailand using mainly recycled silver and gold. Pandora is committed to leadership in sustainability and has set science-based targets to reduce greenhouse gas emissions by 50% across its own operations and value chain by 2030. The company is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 19.0 billion (EUR 2.5 billion) in 2020.

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



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