Danish jewellery brand Pandora has today cut its full year comparable sales growth forecast and posted weaker than expected third quarter growth as European sales dipped, sending its shares 4% lower.
Pandora shares are down around 40% since the start of 2025 as US tariffs on imports and the surging price of silver, a key material in its jewellery, add to its costs, while shoppers have grown more cautious about spending on non-essentials.
Comparable sales growth of 2% was slower than the expected 3%. In Europe, they fell 1% overall, while in the U.S., which accounts for a third of the charm bracelet maker's revenue, comparable sales grew 6%.
"The UK consumer, the French consumer and the Italian consumer and to a degree the German market are quite challenged for the category, and equally then for us, whereas we see much more resilience in the East and South of Europe," Pandora CEO Alexander Lacik said in an interview.
Pandora cut its comparable sales growth guidance for this year to 3%-4%, from 4%-5% previously, but stuck to an organic growth forecast of 7%-8% as Lacik said newly opened stores were doing better than expected.
Comparable sales grew 4% in October, a stronger start to the crucial Christmas shopping season, Pandora said.
Pandora said new collections launched late in the third quarter - Talisman medallion charms from $45 to $125 and Mini charms starting at $30 - were doing well.
"We want to focus more on affordability... on the price points, let's call them sub-40 euro/pound/dollar, where in the last few years we probably haven't innovated enough," Lacik said.
Pandora's third-quarter operating profit was 880 million Danish crowns ($137.4m), down from 980 million in the same quarter a year ago but slightly better than the average analyst forecast of 873 million crowns.
