Pandora Axes 100+ Multibranded Stores

Pandora ended the third quarter with 1,576 multibranded stores in its Americas network, a decrease of 103 from the beginning of the period.

The cuts are part of a trend for the the Danish jewelry manufacturer and retailer. In October, as part of the strategy to focus on the branded sales channel, Pandora decided to close about 700 multibranded stores in North America — around 80 percent in the U.S. and 20 percent in Canada.

During the third quarter, which ended Sept. 30, the company also added 121 shop-in-shops in the Americas, bringing the number to 919. It said 110 of the shop-in-shop additions were related to a collaboration with Jared in the U.S.

Shop-in-shop revenue in Americas increased 36 percent compared to third-quarter 2015, primarily due to the Jared upgrades.

Pandora also added 19 concept stores in the Americas in the quarter, bringing the total to 559.

The firm reported third-quarter net profit of nearly $209 million.

Read the full earnings report