Pandora flags softer 2025 growth as North America demand weakens

Pandora expects to present an integrated maturation of 6% successful 2025, somewhat beneath earlier guidance, citing weaker user demand, peculiarly successful North America.

The Danish jewellery radical has said that wide user sentiment remained subdued during the year, with North America particularly affected successful the 4th quarter, weighing connected top-line performance.

The institution noted that this unit was a origin down maturation falling abbreviated of its earlier expectations of 7%-8%.

Pandora said its bottom-line show was supported by “strong” gross margins and “cost discipline”, which partially offset outer pressures from commodity prices, overseas speech movements and tariffs.

North America delivered 2% like-for-like (LFL) maturation successful the quarter. Trading successful November and December was beneath expectations owed to little store traffic.

In EMEA [Europe, the Middle East, and Africa], LFL income declined by 1%, with gains successful Spain, Poland and Portugal offset by continued weakness successful Italy.

Asia-Pacific posted 2% maturation portion Latin America recorded a 7% decline.

Berta de Pablos-Barbier, who assumed the relation of Pandora’s president and CEO connected 1 January 2026, said: “As caller CEO, my absorption volition beryllium to navigate the existent marketplace environment, trim our commodity vulnerability and course-correct successful prime areas to accelerate profitable growth. Pandora continues to prosecute important untapped maturation opportunities arsenic a afloat jewellery brand.”

Full-year EBIT [earnings earlier involvement and taxes] for 2025 is expected to beryllium astir DKr7.8bn ($1.21bn), compared with DKr8bn successful 2024, with the radical EBIT borderline successful enactment with guidance astatine 24%.

In the 4th quarter, the radical reported integrated maturation of 4%, driven by web enlargement portion LFL income were flat.

Quarterly gross came successful astatine DKr11.9bn, broadly unchanged year-on-year.

Gross borderline for the play is expected to beryllium astir 78% portion the EBIT borderline is forecast astatine astir 33.5%, down from 34.7% successful the aforesaid 4th of 2024.

For the afloat year, gross roseate to DKr32.5bn from DKr31.7bn successful 2024, reflecting integrated maturation of 6% and LFL maturation of 2%.

EMEA accounted for 50% of revenue, followed by North America astatine 36%, the Asia-Pacific astatine 8%, and Latin America astatine 6%.

"Pandora flags softer 2025 maturation arsenic North America request weakens" was primitively created and published by Retail Insight Network, a GlobalData owned brand.

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