Pandora Sales Rise 7 Percent
Pandora’s revenue in Q3 was 6.69 billion Danish kroner, which is equivalent to $1.01 billion, up 7% year-over-year at actual exchange rates. Like-for-like sales growth was 4%, with positive growth across all regions.
The Danish company, known for its charms, has expanded its offerings to include more bold and organic designs. CEO Berta de Pablos-Barbier said the company’s success with charms has created a narrow perception of the brand.
“Millions of people know Pandora, but many still associate us with that relatively narrow part of the jewelry market,” she said. “Our growth opportunity is to give more reasons to existing customers to keep coming back and more reasons for new customers to start choosing us.”
Pandora introduced several new collections this year, including a whimsical baroque pearl charm collection and a bold, colorful collection created in collaboration with makeup artist Dame Pat McGrath. The company also debuted new zodiac jewelry and a celestial-inspired holiday collection.
Q3 Results
In the first nine months of the year, revenue was up 2% at actual exchange rates to 21.02 billion Danish kroner, which is equivalent to $3.17 billion, with like-for-like sales growth up 1%.
De Pablos-Barbier said the company’s growth engine is re-energizing. “More distinctive designs and culturally relevant marketing are driving brand heat. We’ve narrowed our 2026 guidance towards the upper end of the range and remain confident in our plans moving forward,” she said.
Segment Performance
Pandora’s core segment, which includes its charms and the “Talisman” collection, saw like-for-like sales growth of 1%. The “Talisman” collection remains the subject of a lawsuit filed by jewelry brand Foundrae.
The company’s “fuel with more” segment, which includes lab-grown diamond jewelry and the “Timeless” and “Signature” collections, saw 9% like-for-like growth in Q3.
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Pandora announced in February that it would begin selling platinum-plated jewelry to mitigate the impact of volatile gold and silver prices. It began a pilot test of platinum-plated jewelry in the Netherlands in July, following a year of development and consumer testing.
Regional Performance
By region, Pandora saw like-for-like sales increase 3% in North America, driven by an improvement in the U.S. market. Sales in Europe, the Middle East, and Africa were up 1%, while Asia Pacific was the company’s strongest market, with like-for-like sales up 20%. Latin America saw like-for-like sales growth of 6%.
Online sales were up 1% in Q3, while like-for-like sales at Pandora’s physical stores increased 4%.
Pandora continued to expand its store network during Q3, opening 11 concept stores and a net 10 Pandora-operated shop-in-shops. The retailer reiterated its plans to open 50 to 75 net concept stores during the fiscal year.
Outlook
Pandora has narrowed its guidance for the fiscal year to the upper end of its previous forecast, predicting 2-3% organic sales growth (previously 0-3%) and an EBIT margin of 22.5-23% (previously 22-23%).
“We have spent this year deepening our understanding of consumers so that we can sharpen our choices and create consistent demand,” she said.
Pandora’s Q4 results are set to be released Feb. 11.
