FinancialsAug 08, 2025
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In Q2 Results, Pandora Talks Tariffs, Q4 Plans
The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
Actress Winona Ryder (left) and supermodel Iman in an image from Pandora’s “Be Love” campaign released earlier this year. The jewelry company said Friday that it will roll out a new chapter in the campaign ahead of the holiday season.
Copenhagen, Denmark—Pandora reported single-digit revenue growth in the second quarter despite an “increasingly turbulent macroeconomic backdrop” and having to grapple with the effects of tariffs and high silver and gold prices.
For the second quarter ending June 30, global revenue totaled 7.08 billion Danish kroner ($1.1 billion), up 4 percent (8 percent on an organic basis) from DKK 6.77 billion ($1.06 billion) in Q2 2024.
Like-for-like sales were up 3 percent globally and 8 percent in the United States, Pandora’s strongest market.
Operating profit declined 4 percent to DKK 1.29 billion ($202.4 million) from DKK 1.34 billion ($210.3 million) in Q2 2024, while EBIT profit margin declined to 18.2 percent from 19.8 percent.
Pandora said tariffs, high commodity prices, and foreign exchange rates ate into both its EBIT and gross margins in the second quarter.
In a tariff update provided along with its Q2 results on Friday, Pandora noted that it is mainly impacted by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent)—where the majority of its jewelry is manufactured—but also China (currently 30 percent), Vietnam (20 percent), India (25 percent, slated to increase to 50 percent), and several other countries.
To help mitigate the impact of tariffs, Pandora has switched sources of supply for certain goods—e.g., point-of-sale materials used in the U.S.—and shipped jewelry for the Canada and Latin American markets directly there, instead of routing it through its U.S. distribution center.
The company also has raised prices three times since last fall.
Prices went up 5 percent in October and 4 percent in April. Pandora implemented another “low single-digit” price increase this month.
Looking at revenue by product segment, sales of what Pandora calls its “Fuel with more” segment—its non-charm bracelet jewelry collections, as well as its lab-grown diamond jewelry—recorded like-for-like sales growth of 3 percent.
Lab-grown diamond jewelry sales were up 36 percent on a like-for-like basis, though they continue to account for only 1 percent of the company’s total revenue.
Meanwhile, sales of the collections Pandora considers “core”—“Moments,” “Collabs,” and “Me”—rose 1 percent on a like-for-like basis.
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For the second quarter ending June 30, global revenue totaled 7.08 billion Danish kroner ($1.1 billion), up 4 percent (8 percent on an organic basis) from DKK 6.77 billion ($1.06 billion) in Q2 2024.
Like-for-like sales were up 3 percent globally and 8 percent in the United States, Pandora’s strongest market.
Operating profit declined 4 percent to DKK 1.29 billion ($202.4 million) from DKK 1.34 billion ($210.3 million) in Q2 2024, while EBIT profit margin declined to 18.2 percent from 19.8 percent.
Pandora said tariffs, high commodity prices, and foreign exchange rates ate into both its EBIT and gross margins in the second quarter.
In a tariff update provided along with its Q2 results on Friday, Pandora noted that it is mainly impacted by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent)—where the majority of its jewelry is manufactured—but also China (currently 30 percent), Vietnam (20 percent), India (25 percent, slated to increase to 50 percent), and several other countries.
To help mitigate the impact of tariffs, Pandora has switched sources of supply for certain goods—e.g., point-of-sale materials used in the U.S.—and shipped jewelry for the Canada and Latin American markets directly there, instead of routing it through its U.S. distribution center.
The company also has raised prices three times since last fall.
Prices went up 5 percent in October and 4 percent in April. Pandora implemented another “low single-digit” price increase this month.
Looking at revenue by product segment, sales of what Pandora calls its “Fuel with more” segment—its non-charm bracelet jewelry collections, as well as its lab-grown diamond jewelry—recorded like-for-like sales growth of 3 percent.
Lab-grown diamond jewelry sales were up 36 percent on a like-for-like basis, though they continue to account for only 1 percent of the company’s total revenue.
Meanwhile, sales of the collections Pandora considers “core”—“Moments,” “Collabs,” and “Me”—rose 1 percent on a like-for-like basis.
“In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability,” Pandora CEO Alexander Lacik said. “The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the markets.
“Despite the macroeconomic challenges to 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.”
Pandora said it plans to launch two new collections in the third quarter.
“Talisman” and “Minis” are both additions to the core collection of charms and bracelets and will be affordably priced. The addition of the collections follows the launch of “Pandora Essence,” a line of earrings, rings, bracelets, and necklaces, in Q2 2024.
It also will roll out a new “Be Love” marketing campaign for the holiday season.
Pandora teased the campaign in Friday’s Q2 results announcement, stating that it partnered with a “renowned, world-class filmmaker and creative director known for his critically acclaimed films” for it.
The company is sticking to its full-year forecast of 7-8 percent organic sales growth while noting the “elevated macro uncertainty.”
It also is maintaining its EBIT margin guidance of around 24 percent for the year despite current tariff levels.
Pandora noted that like-for-like growth in July has hovered around 2 percent, impacted by a weak end-of-season sale and the timing of product launches.
Essence came out in May 2024, while the new Talisman and Minis collections won’t be launched until the end of Q3 2025.
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