Pandora reported revenues slipped 3.3 percent in the first quarter to 7.11 billion Danish kroner, or 951.3 million euros, dented by “lower consumer sentiment in North America” and weakness in Europe.
In organic terms, it amounted to a 2 percent gain thanks largely to network expansion and other factors. Like-for-like growth was flat, and the EBIT margin eased to 20.9 percent from 22.3 percent amid “significant external headwinds” related to tariffs, commodities and foreign exchange rates.
The jewelry giant said its 2026 guidance remains unchanged – an organic revenue decline of between 1 and 2 percent – and an EBIT margin between 21 and 22 percent.
“Current trading in Q2 2026 shows around flat LFL growth,” it noted.
Operating profits declined 9.3 percent to 1.48 billion kroner, or 199 million euros.
In a research note, RBC Capital markets said the revenues came 1 percent ahead of consensus, gross profit 4 percent ahead, and EBIT 17 percent ahead “which should be well received by the market.”
Berta de Pablos-Barbier, president and chief executive officer, characterized the numbers as in line with its expectations” and assured the company is advancing “initiatives to re-energize Pandora’s growth engine.
“At the same time, we are expanding into new materials, positioning Pandora as a multi-material jewelry brand over time. We remain focused on executing our strategic plans despite the uncertain economic and geopolitical backdrop,” she added.
Like-for-like revenues in EMEA declined 2 percent, while Asia-Pacific advanced 12 percent and Latin America 6 percent, Pandora said.
In its quest to kickstart grwoth, Pandora said it’s putting a “greater focus on more distinctive, culturally relevant collections to drive demand and target under-penetrated aesthetic spaces.”
It cited its collaboration with the hit Netflix series “Bridgerton,” which debuted in February, as an example. “Though limited in scale, (it) exemplifies this approach with clear product differentiation which generates brand buzz,” Pandora said.
In terms of marketing, “investments are being reallocated towards social media and earned media driven activations,” it added.
Separately on Wednesday, Pandora said it was adding carbon footprint labeling to its lab-grown diamonds.
