Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment

Copenhagen, Denmark—Pandora delivered modest sales growth in its third quarter as it grapples with “weak” consumer sentiment and uncertainty heading into the fourth quarter.

In Q3, the company focused on marketing, offering new collections backed by celebrity ambassadors while promoting itself as an accessible luxury brand.

The retailer posted sales growth, particularly in the United States, despite “significant headwinds” from tariffs, commodity prices, and foreign exchange rates.

Third-quarter revenue was up 3 percent year-over-year at actual exchange rates (6 percent on an organic basis) to 6.27 billion Danish kroner ($964 million), with like-for-like sales increasing 2 percent.

For the first nine months, revenue was up 5 percent year-over-year at actual exchange rates (7 percent on an organic basis) to 20.69 billion Danish kroner ($3.18 billion), with like-for-like sales growth of 8 percent.

“We [continued] our growth journey and delivered [a] sound performance in a quarter marked by the challenging macroeconomic environment,” Pandora CEO Alexander Lacik said in the company’s earnings release.

Lacik is set to retire in March 2026 and will be succeeded by the company’s chief marketing officer, Berta de Pablos-Barbier.

“We are intensifying our efforts to drive brand heat, and the initial response to our new product launches demonstrates how we can continue to unlock market potential with our combination of innovation, affordability and emotional storytelling,” said Lacik.

Pandora introduced two new sub-collections with a focus on storytelling in Q3, including “Pandora Talisman,” an elevated set of medallion charms, and “Pandora Minis,” a collection of smaller charms.

Its new “Be Love” holiday campaign, one in a series of Be Love ads in recent years, went live last month.

Pandora said it will continue to invest in its “Phoenix” turnaround strategy, focusing on creative innovation, marketing content, and cultural relevance, while sharing its value proposition as an “accessible precious metal jewelry brand” and optimizing its in-store experience.

The retailer said it will enhance visual merchandising, bringing in elevated facades and a new digital window framework.

As for its jewelry offerings, Pandora divides its collections into segments when reporting its financials.

In the core segment, which includes the two new collections, like-for-like sales were up 1 percent.

Its “fuel with more” segment, which includes lab-grown diamond jewelry as well as the “Timeless” and “Signature” collections, saw 2 percent like-for-like growth in the quarter.

Sales of its lab-grown diamond jewelry collection alone were up 17 percent in Q3, with like-for-like growth of 19 percent.

In the U.S., the company’s largest market by revenue share, third-quarter revenue increased 6 percent (9 percent on an organic basis), with like-for-like sales growth of 6 percent.

Pandora said strong brand momentum and new store openings, including its new Las Vegas flagship, drove sales in the U.S.

The company held bicoastal launch events for its new Talisman and Minis collections, inviting brand ambassadors and celebrities, including Katseye and Chloe and Halle Bailey.

In September, Pandora announced plans to open a new distribution center for the Americas in Maryland as it continues its U.S. expansion. The company will relocate from its current facility in Columbia, Maryland, to a new space in Anne Arundel.

By channel, online like-for-like sales were up 9 percent in the quarter, while like-for-like sales at its physical stores were up 1 percent.

Pandora opened 11 concept stores and 8 shop-in-shops in Q3. Its store count stands at 2,799, with 2,187 of those stores operated by Pandora.

In the last 12 months, Pandora has added net 65 concept stores and 85 Pandora-operated shop-in-shops.

The company said it will continue expanding its store network but has lowered its target to 25 net concept store openings, down from its previous estimate of 25 to 50.

It still plans to open around 25 shop-in-shops in 2025.

As previously announced, Pandora said it expects to see 400 to 500 net openings for the 2024-2026 period, which includes up to 100 closures in China.

Looking ahead, Pandora maintained its forecast of 7 to 8 percent organic sales growth for the full year and its EBIT margin guidance of around 24 percent.

However, it did lower its like-for-like guidance to 3 to 4 percent, down from its prior guidance of 4 to 5 percent.

“While Pandora has delivered solid results in the first nine months of 2025, the macroeconomic environment and consumer sentiment remains weak. The potential impact from U.S. tariffs on consumer demand also adds uncertainty,” the company said.

In a tariff update in August, Pandora said it is mainly affected by the tariff placed on U.S. imports from Thailand (tariff rate 19 percent) where the majority of its jewelry is manufactured. 

The tariffs on China (currently 20 percent), Vietnam (20 percent), and India (50 percent) also are taking a toll.

To mitigate the impact, Pandora said it has switched sources of supply for certain goods and is now shipping jewelry for the Canada and Latin American markets directly to those countries rather than going through its U.S. distribution center.

The company’s Q4 results are set to be released on Feb. 5.