Pandora Reports 6% Growth Through September, Reaffirms 2025 Projections

Pandora is making steady progress. The jewelry company closed the third quarter with a 6% increase in sales, up to 6,269 million Danish kroner ($965 million), and maintains its annual forecast for 2025. The Danish company, which prepares the replacement of Alexander Lacik in its management by the Spanish Berta De Pablos-Barbier in March 2026, has underpinned its growth with the pull of the US market and the rebound of the online channel.

Comparable growth came in at 2%, while network expansion added an additional four points. Operating profit reached SEK 880 million ($135.5 million), representing a margin of 14%, in line with the company’s forecasts.

The U.S. market continued to be the company’s main driver, with like-for-like sales growth of 6% and 9% in organic terms, driven by the opening of new stores. Europe showed a mixed performance, with a contraction of 1% and declines in Germany (down 9%), the U.K. (down 8%) and France (down 7%). In Italy, where Pandora has implemented a performance improvement plan, the decline moderated to 4% with “encouraging signs” according to the company.

The remaining markets, which account for 37% of total turnover, saw sales increase by 6%, with double-digit gains in Spain, Poland and Portugal. In Asia, Japan doubled its sales so far this year, becoming the test bed for Pandora’s “elevated Asia” growth strategy, supported by investments in marketing and network expansion.

Pandora has maintained its growth thanks to the pull of the United States and Japan

By channels, online sales grew 9% in the quarter, while physical stores advanced 1%. In total, the company’s network reached 2,799 stores at the end of September, with 65 net openings in the last twelve months.

“We continue our growth path and have delivered a solid performance in a challenging macroeconomic environment,“ Lacik said. “We are intensifying efforts to increase brand appeal, and early results from our new launches confirm the growth potential based on innovation, accessibility and emotional storytelling,“ the leader stressed.

The Copenhagen-based group reiterated its forecasts for the full year, with estimated growth of between 7% and 8% and an operating margin “around 24%“. It adjusts, however, its comparable growth forecast to between 3% and 4% (compared to 4%-5% previously), and raises the expected contribution of network expansion to 4%.