Pandora studies 8% natural development in Q2 regardless of macroeconomic headwinds

Pandora has reported 8% natural development within the second quarter of 2025, with revenues rising to DKK 7.05bn (£800m) regardless of overseas alternate, tariff and commodity value pressures.

Like-for-like (LFL) gross sales have been additionally up 3%, whereas community enlargement contributed 5% to development. 

LFL gross sales rose 8% within the US and 6% in the remainder of the world, whereas Europe grew 1% total, with double-digit will increase in Spain, Portugal, the Netherlands and Poland offset by weaker efficiency in 4 different key European markets.

In distinction, working revenue (EBIT) fell to DKK 1.2bn (£136m) from DKK 1.3bn (£147.5m) a yr earlier, with the EBIT margin right down to 18.2% from 19.8%. 

Pandora acknowledged that the 160 foundation level decline mirrored 230bp of headwinds from overseas alternate, commodities and tariffs. Gross margin stood at 79.3%, in contrast with 80.2% in Q2 2024.

Present buying and selling in July confirmed LFL development of about 2%, which Pandora attributed to a weak end-of-season sale and the timing of product launches.

Trying forward, the corporate maintained its 2025 steering of seven–8% natural development and an EBIT margin of round 24%, regardless of factoring in a 60bp tariff-related headwind. 

Two new collections, Pandora Talisman and Minis, will launch within the second half of the yr as a part of efforts to strengthen the model’s core charms and provider providing.

Alexander Lacik, chief government, stated: “In these turbulent occasions, we’re happy with one more quarter of excessive single-digit natural development and powerful profitability. Regardless of the macroeconomic challenges to the highest and backside line, we’re assured that we are going to ship on our targets for the yr pushed by an thrilling product pipeline, new advertising campaigns and operational agility.”