Healthy online sales could not save Pandora’s bottom line in 2020, as the jewellery giant looks back at a year-on-year drop in net profits of roughly a third.

The jewellery brand and retailer has today released its annual report for last year, and is keen to look ahead to what it forecasts will be a profitable 2021.

Net profits fell from 2.95 billion Danish krone (£347.5 million) in 2019 to 1.94 billion Danish krone (£228.7 million) last year.

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After an 11% growth back in 2017, the company has shown negative organic growth each year since, culminating in -11% in 2020.

However, Pandora is hoping that when in-store retail is allowed to reopen, it will see gains here and also maintain its e-commerce growth seen through 2020.

As has been seen across much of retail, the company reported a 103% increase in online sales last year due at least in part to global lockdowns.

After three years of decline the company revealed that it forecasts a ‘return to top-line growth’ this year.

Due to the uncertainty of the Covid-19 situation it forecast between 8% and 14% organic revenue growth in 2021, with the 14% representing a year unaffected by the pandemic.

In a ‘letter to the shareholders’ CEO and president, Alexander Lakic, and Peter A Ruzicka, Pandora’s chair of the board of directors, wrote: “We are now preparing a new chapter for Pandora. ‘Programme NOW’ was launched in late 2018 as a two-year transformation programme with the main objective of halting the decline in revenue.

“It has changed the company, and the transformation is nearing its completion. We look forward to presenting a new strategy and embarking on the next era for the company – an era of growth – in support of our aim to give a voice to people’s loves.

“We would like to thank all Pandora’s employees for their commitment, innovation and perseverance during a very challenging year.”