Pandora cuts sales guidance after Q3 revenue miss
By Benjamin Chiou
Date: Wednesday 05 Nov 2025
(Sharecast News) - Shares in Danish jewellery group Pandora fell on Wednesday after missing revenue targets with its third-quarter results and lowering its underlying sales guidance due to falling sales across Europe.
The company said that like-for-like sales growth over 2025 is now expected to be around 3-4%, down from previous guidance of 4-5%, though total organic growth should still come in at the targeted 7-8% range.
The earnings before interest and tax margin guidance for 2025 was maintained at around 24%, though that is now expected to reduce to around 23% in 2026 due to commodity price headwinds.
Revenues over the third quarter totalled DKK6.27bn (£739m), up 3% over last year but 6% higher on an organic basis but short of the DKK6.33bn expected by analysts. LFL growth was just 2%, shy of the 3% forecast.
LFL growth across the US and the rest of world regions was robust at 6%, though overall LFL sales in Europe fell by 1% due to weakness in the UK, Germany Italy and France due to challenging market conditions.
However, EBIT margins were ahead of forecasts at 14.0%, leading to an operating profit of DKK880m, marginally above the DKK873m expected by the market.
"We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment," said president and chief executive Alexander Lacik.
"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. We are well-geared for the upcoming holiday period and set to reach our targets for the year."
Shares were down 1.7% at DKK798.80 by 1015 in Copenhagen, having dropped more than 5% earlier on.
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