UK sales a pearl in Pandora’s turnaround

UK sales a pearl in Pandora's turnaround
Pandora'a UK like-for-like sales went up by 2%
// Pandora books 7% decline in sales and 10% drop in like-for-likes
// Its British market performed well, with like-for-likes up 2%
// Pandora is readying for a brand relaunch, with the first new-look store to open in the UK

Pandora has said its turnaround plan is on track despite a drop in sales and like-for-likes, as it prepares for a brand relaunch and marketing revamp.

Organic sales for the Danish jewellery retailer dropped seven per cent in its second quarter, while like-for-like sales fell 10 per cent during the same period.

Total British sales – including new store openings – increased by two per cent, although total UK sales were down eight per cent in the second quarter.

Overall underlying earnings came in at 1.29 billion Danish kroner (£160 million), down 13.8 per cent on the same period last year.

Despite this, recently-appointed chief executive Alexander Lacik said progress was being made on the retailer’s turnaround strategy

Initiatives include testing a more aggressive marketing approach in both the UK and Italy, doubling spending on the area.

“Our preparations and marketing pilots spur confidence in our direction – by improving execution with focus on Pandora’s core proposition, we can improve our relevance for consumers around the world,” Lacik said.

Pandora is readying itself for a relaunch at the end of this month, beginning with the unveiling of its autumn collection in Los Angeles on August 28.

This will be followed by the roll-out of a new store design, as well as new online platforms, partnerships and products.

The retailer’s first rebranded store will open in the UK.

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