Pandora Pursues Overhaul as Sales Decline 4% in Q4

PARIS — Beleageured high-street jeweler Pandora said sales declined 4 percent on a like-for-like basis over the fourth quarter, an improvement from previous quarters. Halfway into a two-year turnaround, the Danish jeweler reported sales for the period of 7.95 billion Danish kroner, or $1.18 billion, with the company flagging positive like-for-like sales in Italy, France and Germany and improvements in the U.S. and the U.K. “Consumers are responding positively to our commercial initiatives,” chief executive officer Alexander Lacik said in a statement. The executive noted the company had made “a lot of changes in a short time,” and that the quarterly results “give us confidence.”  The Copenhagen-based charms jeweler, which has been struggling with declining foot traffic in malls, is undergoing a broad restructuring and brand reboot under Lacik, who joined last year. Pandora has been bulking up marketing spending while buying back wholesale inventory, revisiting its store network and reducing discounts. The label recently launched a collection targeting Gen Z consumers and fronted by “Stranger Things” star Millie Bobby Brown, including gem-encrusted happy face charms that can be attached to chunky silver bracelets. The Danish jeweler projected a decline in sales on a like-for-like basis in the coming year, in the range of mid-single digits.

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