Continued brand momentum drives strong performance - COVID-19 creates elevated uncertainty about 2021



  • Pandora delivered a strong finish to the year with 4% organic growth in Q4 2020 despite COVID-19 lockdowns. 10% of the stores were temporarily closed during Q4
  • Online organic growth was 104% and online contributed 32% of total revenue
  • The strong Q4 performance resulted in full year organic growth of -11%, which is ahead of the guidance provided in November 2020 (“-14% to -17%”). China, as expected, underperformed
  • COVID-19 causes elevated uncertainty to the trading environment in 2021. Excluding COVID-19 impact, Pandora expects underlying revenue growth to resume in 2021
  • The successful Programme NOW transformation is nearing its conclusion. A new strategy is being prepared with focus on growth based on our existing core business. Further details will be announced later in the year
  • Pandora enters 2021 with a strong cash position and is well positioned for the year ahead

The strong performance in Q4 is evidence that the initiatives under Programme NOW are generating brand momentum, improving brand relevance and driving retail metrics. Underlying trading continues to indicate that the top-line is stabilizing and Pandora is gradually getting ready to change focus from transformation to growth. It should be noted though that the negative impact from temporary store closures in Q4 appears to have been (partially) offset by a non-recurring positive impact from discretionary spend on certain categories, such as jewellery.

In 2021, Pandora expects to return to top-line growth. In the absence of COVID-19 impact, Pandora would have guided “above 14%” organic growth (equal to “above 2%” versus 2019). Including an assumed -6% impact from COVID-19, the organic growth guidance is “above 8%” (equal to “above -3%” versus 2019). The EBIT margin is expected to be “above 21%” including a negative impact of around -2pp from COVID-19.

Alexander Lacik, President and CEO of Pandora, says:
The year that passed was truly challenging - from at least three different angles. First, Pandora is in the middle of its turnaround program. Secondly, the impacts of COVID-19. Finally, we entered a complete change of our organisation and operating model. Despite these significant disruptions, we managed to navigate the business to a very strong performance, leading to market share gains in many markets. I am proud of the resilience, agility and commitment the whole Pandora team has shown during these trying times. We continue to invest strongly in building the brand desirability, digital capabilities and operational excellence - all which will be key foundations as we gradually move from transformation to growth mode.

Financial overview (excl. restructuring costs)

  Q4 2020Q4 2019FY 2020FY 2019
Sell-out growth incl. temporarily closed stores, %1%-5%-12%-8%
Organic growth, %4%-1%-11%-8%
Revenue, DKK million7,8917,95619,00921,868
Gross margin, %75.7%78.4%76.5%77.4%
EBIT margin, %31.8%35.3%20.4%26.8%


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 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: 767 70 245#

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 7,000 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                           

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Kristoffer Malmgren
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