UK sales a pearl in Pandora’s turnaround

2727
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.

Click here to sign up to Retail Gazette’s free daily email newsletter