Pandora reports 6% organic revenue growth in Q3 2025

Danish jewellery brand Pandora announced it achieved 6% organic revenue growth in the third quarter of its 2025 financial year, amid a challenging macroeconomic backdrop. This was made up of 2% like-for-like growth and 4% network expansion etc, according to its Interim Report for the quarter.

The business’ gross margin for the third quarter was at 79.3%, slightly down compared to 80.1% in the third quarter of its 2024 financial year. Pandora noted in the report published on its website that foreign exchange, commodities, and tariffs caused 280bp of headwinds and that performance was stronger in the US compared to in Europe as a whole. Key growth markets Spain, Canada, Poland, Portugal, and Japan all reported double-digit LFL growth during the recent quarter.
 
Pandora’s EBIT (earnings before interest and tax) margin was in line with expectations at 14.0% for Q3 2025, representing a decline of 210bp year on year. EPS (earnings per share) growth dropped by 14% (but rose by 5% in constant currency terms), and this was also in line with expectations, according to the business.

“We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment,” said Pandora’s president and CEO Alexander Lacik in the Interim Report. “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.”
 
During its third quarter, Pandora opened 11 concept stores along with eight Pandora operated shop-in-shops. The business noted that its network expansion, carried out over the past 12 months, continues to significantly contribute to topline growth, delivering an incremental organic revenue impact of 5% in the third quarter this year.
 
As such, the business plans to continue to expand its store network but has revised its store opening guidance for its 2025 financial year to approximately net 25 concept stores, from 25 to 50 previously. This includes closure of up to 100 concept stores in China, axed as part of the business’ efforts to optimise financial performance, which it expects to have only minimal effect on its organic growth. Pandora also plans to launch around 25 company-operated shop-in-shops this year and implement its new store concept across locations.