Pandora income fall regardless of income enhance

Pandora has reported a fall in quarterly income regardless of greater income, as rising prices and foreign money headwinds offset continued gross sales development throughout key markets.

For the three months to September 2025, the jewelry group posted income of DKK 6.27bn (£740m), up from DKK 6.1bn (£720m) a yr earlier, representing 6% natural development. 

Nevertheless, working revenue (EBIT) declined to DKK 880m (£104m) from DKK 980m (£115.8m) in the identical interval final yr, reflecting margin strain from greater commodity prices, tariffs and international alternate actions.

Pandora’s EBIT margin stood at 14%, down from 16.1% in 2024, whereas reported earnings per share fell 14% yr on yr (up 5% at fixed foreign money). 

The corporate mentioned gross margin remained sturdy at 79.3%, in contrast with 80.1% final yr, regardless of a 280-basis-point impression from value headwinds.

Pandora’s income development comprised 2% like-for-like gross sales and 4% from community enlargement. Like-for-like development within the US and the remainder of the world was up 6% to DKK 1.89bn (£220m) and DKK 2.34bn (£280m) respectively.

In the meantime Europe declined by 1% attributable to softer leads to a handful of main markets, partly offset by good points in Spain, Portugal and Poland.

UK efficiency was broadly consistent with the earlier quarter, delivering a LFL decline of 8% in Q3 to DKK 685m (£80.9m), reflecting partly the continued comfortable macroeconomic setting, a aggressive panorama, and the timing of media spend forward of This fall. 

The corporate mentioned it continued to take a position behind its “Phoenix” technique, which goals to strengthen model engagement by artistic innovation, advertising and in-store execution. 

Two new sub-collections, together with the Pandora Talisman and Pandora Minis, have been launched late within the quarter and have seen an “encouraging” response.

Trying forward, Pandora mentioned it could deepen its give attention to affordability and native cultural relevance as a part of its effort to maintain development and defend margins. 

It additionally up to date its 2026 EBIT margin goal from “at the least 24%” to “round 23%”, citing ongoing international alternate and commodity value headwinds.

The corporate maintained its 2025 steerage of seven–8% natural development and an EBIT margin of round 24%. 

Like-for-like development is now anticipated to be 3–4%, with community enlargement contributing about 4%. Pandora mentioned October like-for-like gross sales grew 4%.

Alexander Lacik, chief govt, mentioned: “We proceed our development journey and delivered sound efficiency in 1 / 4 marked by a difficult macroeconomic setting. The preliminary response to our new product launches demonstrates how we are able to unlock market potential with our mixture of innovation, affordability and emotional storytelling.”