Pandora Retail Growth Slower than Expected During Holiday Season

Pandora’s revenue increased 4% year on year in the fourth quarter on an organic basis, rising less than expected amid a challenging consumer environment.

Sales for the three months that ended December 31 reached DKK 11.86 billion ($1.88 billion), it said last week. The subdued growth reflected a weaker holiday season in November and December, with the impact mostly affecting North America, the Danish jeweler added. On a reported basis, revenue slipped 1%. Pandora experienced limited consumer demand that dampened store traffic in certain markets, alongside a highly challenging cost environment stemming from tariffs announcements, currency fluctuations and elevated commodity prices, it continued.

“We delivered…organic growth in 2025 and while the macroeconomic backdrop was challenging, growth was below our expectations,” said Pandora CEO Berta de Pablos-Barbier. “As new CEO, my priorities are clear and we have plans to strengthen brand desirability, reduce commodity exposure and evolve how we drive profitable growth.”

Online sales during the quarter grew 6% on an organic basis. That compares with an e-commerce climb of 20% during the same period a year earlier. Profit for the period slid 0.7% to DKK 2.85 billion ($450.9 million) organically and dropped 1% on a reported basis. 

Sales in North America remained strong, increasing 8% on an organic basis, and revenue in Europe, the Middle East and Africa (EMEA) rose 2%. Asia Pacific was up 4%, as Latin America dropped 5%.

Full-year sales gained 6% to DKK 32.55 billion ($5.15 billion) on an organic basis, while profit was flat on both an organic and reported basis at DKK 5.24 billion ($829 million). Sales advanced 2.7% on a reported basis.

Despite a challenging macro environment, Pandora sees opportunities to strengthen execution and evolve its multi-material jewelry offering, including its new platinum-plated jewelry built on its proprietary Pandora Evershine metal-alloy core, it said.

Pandora predicts its 2026 revenue will range between a fall of 1% and 2% growth on an organic basis, it added.

Image: A Pandora jewelry display. (Shutterstock)