Pandora reported 6% organic growth in the third quarter, with sales reaching 6.69 billion Danish kronor, equivalent to about $1 billion at current exchange rates. Like-for-like sales rose 4%, while network expansion and other factors contributed a further 2 percentage points of growth.
The Danish jewelry company raised the lower end of its 2026 organic growth forecast from 0% to 2%, keeping the upper end at 3%. It now expects organic growth of 2% to 3% and an EBIT margin of 22.5% to 23% for the year.
For the three months ending September 30, like-for-like sales increased in every region. Asia-Pacific led with 20% growth, followed by Latin America at 6%. North America grew 3%, while Europe and the Middle East and Africa each rose 1%. Pandora’s chief executive, Berta de Pablos-Barbier, said that half of the quarter’s total growth came from Japan, and cautioned that such rapid expansion there would not continue indefinitely.
By product segment, Core—which includes the company’s charm business and Talisman range—grew 1%. Fuel for More, which includes newer products such as lab-grown diamond designs, increased 9%.
Pandora’s gross margin improved, supported in part by a refund of U.S. tariff claims. Its EBIT margin was 15.9%, below analyst consensus estimates. De Pablos-Barbier said the company had chosen to invest one percentage point of EBIT back into the brand, including improvements to the retail experience. Tests in Italy and New York had increased conversion, she said, and Pandora plans to invest further in its stores next year.
The company said like-for-like growth in October was 1%, affected by lower promotional activity, while underlying trends were around 3%. Pandora also remains on track to begin its planned shift to platinum-plated jewelry in 2027, following tests in the Netherlands and subsequent expansion to the U.S., U.K. and Australia.
Sources: WWD.