Pandora reports 8% organic growth in Q2 despite macroeconomic headwinds

Pandora has reported 8% organic growth in the second quarter of 2025, with revenues rising to DKK 7.05bn (£800m) despite foreign exchange, tariff and commodity price pressures.

Like-for-like (LFL) sales were also up 3%, while network expansion contributed 5% to growth. 

LFL sales rose 8% in the US and 6% in the rest of the world, while Europe grew 1% overall, with double-digit increases in Spain, Portugal, the Netherlands and Poland offset by weaker performance in four other key European markets.

In contrast, operating profit (EBIT) fell to DKK 1.2bn (£136m) from DKK 1.3bn (£147.5m) a year earlier, with the EBIT margin down to 18.2% from 19.8%. 

Pandora stated that the 160 basis point decline reflected 230bp of headwinds from foreign exchange, commodities and tariffs. Gross margin stood at 79.3%, compared with 80.2% in Q2 2024.

Current trading in July showed LFL growth of about 2%, which Pandora attributed to a weak end-of-season sale and the timing of product launches.

Looking ahead, the company maintained its 2025 guidance of 7–8% organic growth and an EBIT margin of around 24%, despite factoring in a 60bp tariff-related headwind. 

Two new collections, Pandora Talisman and Minis, will launch in the second half of the year as part of efforts to strengthen the brand’s core charms and carrier offering.

Alexander Lacik, chief executive, said: “In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability. Despite the macroeconomic challenges to the top and bottom line, we are confident that we will deliver on our targets for the year driven by an exciting product pipeline, new marketing campaigns and operational agility.”