Strong momentum continued in Q2 2021 - Financial guidance for 2021 upgraded on 6 August



  • Strong performance in Q2 2021 with 13% organic growth vs 2019 (+84% vs Q2 2020). On average, 15% of the physical stores were temporarily closed during Q2. Currently around 8% are temporarily closed.
  • Growth is driven by the strategically important US market. Continued underlying strong performance is further accelerated by the stimulus packages.
  • Sequential improvement vs 2019 in key European markets as COVID-19 restrictions eased.
  • Performance in China remains weak – first steps to reposition the brand will be taken during H2 2021.  
  • Online continued the strong performance in Q2 2021 with +132% organic growth vs. 2019.
  • Pandora Brilliance test launch ongoing in UK and progressing well. Decision on potential global launch to be taken late 2021, creating a potential new product platform by democratising diamonds.
  • Strong EBIT margin at 25.2% driven by operating leverage – lifted by unusually strong US growth.
  • Financial leverage was only 0.4x NIBD to EBITDA by the end of Q2 2021.
  • Pandora to continue cash distribution. A further DKK 1 billion to be distributed over the next three months through a combination of DKK 0.5 billion extraordinary dividend and share buyback of up to DKK 0.5 billion.

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 in Q2 2021 was 7% vs. 2019, driven by US. The financial performance in Q2 2021 is one more data point demonstrating that Pandora can drive sustainable and profitable growth.

Based on the strong performance in Q2 and a recently revised forecast for the rest of the year, the financial guidance for 2021 was upgraded on 6 August to “organic growth of 16-18%” (previously “above 12%”) and “EBIT margin of 23-24%” (previously “above 22%”). The guidance remains subject to elevated risks due to the pandemic.

Alexander Lacik, President and CEO of Pandora, says:
“Our strong momentum continued in the second quarter of 2021, and we are pleased that we delivered solid growth compared to 2019. Performance in the US and online continued to be strong, and in Europe most of our stores have now reopened. Following the launch of Phoenix, our new strategy, we look forward to hosting our Capital Markets Day in September. The Executive Leadership Team will then present how Pandora will drive long-term sustainable and profitable growth, building on the vast untapped opportunities within our existing business.”

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

 Q2 2021Q2 2020H1 2021H1 2020FY 2020
Organic growth, %84%-38%42%-26%-11%
Sell-out growth incl. temporarily closed stores, %62%-39%41%-28%-12%
Sell-out growth incl. temporarily closed stores, % vs 20197%n/a2% n/an/a
Revenue, DKK million5,1552,8769,6557,04819,009
Gross margin, %77.1%74.9%76.8%76.4%76.5%
EBIT margin, %25.2%1.1%22.8%9.5%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
UK (International): +44 33 33 000 804
US: +1 631 913 1422

Please use PIN: 633 40 815#

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