Pandora shares tank as July sales slow
By Benjamin Chiou
Date: Friday 15 Aug 2025
(Sharecast News) - Pandora delivered solid growth and profits in line with forecasts over the second quarter despite an "increasingly turbulent macroeconomic backdrop", though the Danish jewellery maker reported a slowdown in growth over July.
While the company held on to its 2025 outlook, shares fell sharply on Friday as the firm said like-for-like growth fell to 2% last month, hit by a weak end-of-season sale and the timing of new product launches.
Pandora, which has been hit by FX movements, trade tariffs and commodity prices, reported an operating profit of DKK1.29bn for the three months to 30 June, down from DKK1.34bn the year before but in line with analysts' expectations.
Like so many manufacturers, tariffs on US imports have caused supply chain headaches for Pandora, with the company shipping products to the US from Thailand, Vietnam, India and China, among other countries. It also ships to Canada and Latin America from its US operations, and has therefore been hit by retaliatory tariffs on US exports.
The EBIT margin fell 160 basis points to 18.2%, as a combined 230bp headwind from currency, tariffs and commodities was partially offset by pricing and cost efficiencies.
Revenues totalled DKK7.08bn, up from DKK6.77bn last year, with organic revenues rising by 8% and like-for-like sales up 3%.
"In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability," said chief executive and president Alexander Lacik.
"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 maintained its full-year outlook, targeting organic revenue growth of 7-8% and an EBIT margin of "around 24%".
The stock was down nearly 13% at DKK904.60 by 0907 in Copenhagen.
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