The Danish jewelry brand Pandora has registered organic sales growth by seven percent for the first three months of 2025. At the same time, the company announced on Wednesday that it was “actively” preparing for the consequences of US tariffs.
In a message, the group said that the current “Phoenix” strategy, with which Pandora wants to position itself as a complete jewelry brand, is delivering “solid financial results”.
In the first quarter of 2025, sales rose by seven percent to 7.35 billion Danish crowns (985 million euros). This includes space -adjusted growth (LFL) by six percent, while the expansion of the retail network increased sales by four percent.
In the United States, Pandora growth -adjusted growth accelerated to eleven percent, while the proceeds in four separately designated European markets were slightly back by two percent. The remaining regions recorded a solid plus of eight percent. Overall, space -adjusted growth in Europe was four percent, including double -digit growth in several countries. This also included established markets such as Spain and Portugal.
The growth was mainly driven by online trading, which in the first quarter of 2025 recorded an increase in space by 18 percent. Pandora’s own branch network delivered an area -adjusted growth by three percent.
The jewelry brand now expects an EBIT margin (result before interest and taxes) of “around 24 percent” instead of “around 24.5 percent”, which reflects loads from the latest exchange rate developments. The downgrading does not yet include the possible effects of US tariffs that could come into force after a 90-day break announced by President Donald Trump.
Pandora added that the company will stick to its forecast of “seven to eight percent organic growth” in 2025, but also warned of the increased macroeconomic uncertainty. In the second quarter of 2025, the growth rate on a comparable area has so far been in the medium single -digit range.
Alexander Lacik, the President and Chief Executive Officer (CEO) from Pandora, said: “We are satisfied with our beginning of our year – especially in view of the very high volatility in the world around us. We have no influence on the external factors, but we control, the implementation of our already tried and tested strategy that makes our business grow.”
“Since we continue to react flexibly to our environment, there is no change in our strategic plans and our long -term vision to make Pandora the preferred point of contact for high -quality brand decorations,” said Lacik.
Pandora is preparing for the possible consequences of US tariffs
The company said that “actively for different scenarios” in connection with the US tariffs and will give an update “as soon as the potential effects on the forecast for 2025 and the goals for 2026 become clearer”.
In the annual report for the first quarter, Pandora announced that the additional import duties of the company announced by the US government in April would affect the company that come from Thailand, China, Vietnam, India and some other countries and are introduced to the USA.
In order to counteract the potential tariffs, Pandora has been working on measures to limit the damage for some time and has also “accelerated” certain planned cost reduction measures. This includes the changeover of sources of supply, for example for point-of-sales materials used in the USA, as well as the shipping of jewelry directly to Canada and Latin America, instead of the US sales center of Pandora as before. The company assumes that they can deliver directly to Canada and Latin America from 2026.
Pandora, which produces his jewelry in Thailand, added that it would currently be planning for a number of customs scenarios and would be considering further price increases. The company also explained that the extent and time of further price increases would only be determined “on the basis of the specific circumstances”.
The company pointed out that the current customs dates of ten percent for goods from Thailand and 145 percent for products from China in 2025 had an impact of 250 million crowns. However, if after the 90-day break, the customs sets of 37 percent for Thailand and 145 percent for China are introduced on April 2, this would have an impact of 500 million Danish crowns in the current year.
This article was used with digital tools translated.
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