Pandora expects to deliver an organic growth of 6% in 2025, slightly below earlier guidance, citing weaker consumer demand, particularly in North America.
The Danish jewellery group has said that overall consumer sentiment remained subdued during the year, with North America especially affected in the fourth quarter, weighing on top-line performance.
The company noted that this pressure was a factor behind growth falling short of its earlier expectations of 7%-8%.
Pandora said its bottom-line performance was supported by “strong” gross margins and “cost discipline”, which partly offset external pressures from commodity prices, foreign exchange movements and tariffs.
North America delivered 2% like-for-like (LFL) growth in the quarter. Trading in November and December was below expectations due to lower store traffic.
In EMEA [Europe, the Middle East, and Africa], LFL sales declined by 1%, with gains in Spain, Poland and Portugal offset by continued weakness in Italy.
Asia-Pacific posted 2% growth while Latin America recorded a 7% decline.
Berta de Pablos-Barbier, who assumed the role of Pandora’s president and CEO on 1 January 2026, said: “As new CEO, my focus will be to navigate the current market environment, reduce our commodity exposure and course-correct in select areas to accelerate profitable growth. Pandora continues to pursue significant untapped growth opportunities as a full jewellery brand.”
Full-year EBIT [earnings before interest and taxes] for 2025 is expected to be around DKr7.8bn ($1.21bn), compared with DKr8bn in 2024, with the group EBIT margin in line with guidance at 24%.
In the fourth quarter, the group reported organic growth of 4%, driven by network expansion while LFL sales were flat.
Quarterly revenue came in at DKr11.9bn, broadly unchanged year-on-year.
Gross margin for the period is expected to be around 78% while the EBIT margin is forecast at approximately 33.5%, down from 34.7% in the same quarter of 2024.
For the full year, revenue rose to DKr32.5bn from DKr31.7bn in 2024, reflecting organic growth of 6% and LFL growth of 2%.
EMEA accounted for 50% of revenue, followed by North America at 36%, the Asia-Pacific at 8%, and Latin America at 6%.
