Overview
- Pandora reported 3% organic growth in the second quarter, with revenue of DKK 7.22 billion and like-for-like sales up 1% while network expansion added 2%, according to the company’s early announcement on Wednesday.
- Management upgraded full-year guidance to 0–3% organic growth and an EBIT margin of 22–23%, explicitly citing expected one-off income from a partial refund of its U.S. IEEPA tariff claim.
- The tariff refund boosted gross margin by about 230 basis points to 80.5%, and the gross margin excluding the refund was 78.2%, showing underlying margin resilience despite tariffs, commodity costs and FX pressure.
- Performance was uneven across regions with North America and EMEA soft, while Asia-Pacific and Latin America grew strongly; current Q3 trading shows like-for-like growth in the mid-single digits.
- Pandora is rolling out design-led initiatives — the Pandora Wonders platform and a platinum-plated jewellery pilot in the Netherlands with broader Q4 tests and a planned scale in 2027 — which management will evaluate ahead of the November strategic update.