Pandora’s revenue fell 1% year on year to DKK 7.89 billion ($1.27 billion) in the fourth quarter as lockdowns forced stores to close in key markets.

Around 10% of physical stores around the world were shut during the period, with traffic at self-owned retail locations falling 60% compared with the same period a year ago, the Danish jeweler reported Thursday. Online sales partly compensated for this, as did a higher conversation rate: More consumers who entered stores ended up making a purchase.

Jewelry has suffered less than many other luxury categories during the pandemic, possibly because customers had money available that would normally go toward travel and related services, Pandora explained. However, this trend had to compete against the fact that stores were closed or operating with reduced hours.

As of January 2021, around 30% of physical stores were shut, while more than 30% were open but had shortened their opening hours.

“The recent increase in Covid-19 infections has led to numerous new restrictive government guidelines and lockdowns for retail stores around the globe,” the retailer commented. “Covid-19 continues to create elevated uncertainty about the financial performance in 2021.”

Profit for the fourth quarter grew 3% to DKK 1.79 billion ($288.9 million), reflecting lower restructuring costs than a year earlier. The company is in the middle of a turnaround effort called Programme Now.

Full-year sales for 2020 dropped 13% to DKK 19.01 billion ($3.06 billion), while profit slumped 34% to DKK 1.94 billion ($312.1 million).