Pandora confident of revamp plans as sales dip
Danish jewellery brand Pandora has said its turnaround plan is on track ahead of a brand relaunch and marketing revamp.
Organic sales dipped 7% in the second quarter, while like-for-like sales fell 10%.
Underlying earnings came in at 1.29 billion Danish kroner (£160 million), down 13.8% on the same period last year.
But newly appointed chief executive Alexander Lacik said progress was being made on a number of initiatives to turn around performance.
These included testing a more aggressive marketing approach in both the UK and Italy, doubling spending on the area.
The company said its UK sales were down 8% in the second quarter, though it had benefited from the increased marketing spend in May and June.
Total British sales, including new store openings, were up 2%.
Mr Lacik said: “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.”
The brand 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 first rebranded store will open in the UK.