Pandora Revenues Grew 6 Percent in Q3

PARIS – Pandora continues to weather a tough macroeconomic backdrop.

The Danish jewelry giant reported its third-quarter results Wednesday, with sales growing 6 percent to 6.27 billon Danish kroner, or $964.5 million at current exchange, for the three months ending Sept. 30.

Like-for-like sales were up 2 percent and an additional 4 percent came from network expansion.

Operating profit reached 1.29 billion Danish kronor, or $181 million, with strong EBIT margins of around 24 percent due to pricing and cost efficiencies, said the company in its interim results.

During the quarter, operating profit stood at 880 billion Danish kroner, or $135.5 million, with an EBIT of 14 percent “as expected,” said the company.

Pandora highlighted growth in the U.S. market, which remained “robust” at 6 percent during the period and was “outperforming the broader market.”

Meanwhile, Europe showed a mixed picture and an overall 1 percent decline. Performance in the market was pulled down by high single-digit declines in Germany, the U.K. and France, respectively down 9 percent, 8 percent and 7 percent. Italy, where a turnaround plan rolled out after a “performance diagnostic” earlier this year, was down 4 percent but “early signs are encouraging.”

The ”Rest of Pandora,” which accounts for around 35 percent of the business and includes other European markets, recorded a 6 percent increase in revenue.

The jewelry brand said Japan was a test for its “elevated Asia focus” in years to come, with revenue “more than doubled” in the year-to-date thanks to marketing investments and network expansion.

By channel, it was online sales that led in the quarter, rising 9 percent, while physical sales in Pandora’s network increased 1 percent.

Alexander Lacik, president and chief executive officer of Pandora, said the company continued its “growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment.”

“We are intensifying our efforts to drive brand heat, and the initial response to our new product launches demonstrates how we can continue to unlock market potential with our combination of innovation, affordability and emotional storytelling,” he continued. “We are well-geared for the upcoming holiday period and set to reach our targets for the year.”

Lacik plans to step down in March 2026, to be succeeded as CEO by the firm’s current marketing director Berta de Pablos-Barbier.

The Copenhagen-based jeweler said like-for-like growth in October was 4 percent.

For Piral Dadhania, analyst at RBC, “focus will be on changes to guidance both of which are negative.”

Pandora maintained its 2025 guidance for 7 to 8 percent organic growth for the year, although adjusting its like-for-like growth around 3 to 4 percent, against 4 to 5 percent previously, and network expansion expected at 4 percent rather than 3 percent. EBIT margin guidance for the year also remained at “around 24 percent.”

The company updated its 2026 EBIT guidance from “at least 24 percent” to “around 23 percent,” to reflect additional commodities and foreign exchange headwinds since the second-quarter announcement in August.