Pandora closed the second quarter on a high note, recording an 8% revenue climb even as global economic challenges persisted. The growth was anchored by a 3% like-for-like sales boost and a 5% increase from expanding its retail footprint.
The U.S. market continued to be a powerhouse, reporting an 8% rise in comparable sales. Other international markets collectively advanced 6%, while Europe delivered a modest 1% lift, with double-digit gains in Spain, Portugal, the Netherlands, and Poland providing much of the momentum.
Over the past year, Pandora has broadened its reach by opening 93 new concept stores and 87 company-run shop-in-shops. Looking ahead, the brand aims to add 400–500 new outlets by 2026. However, in 2025 the pace will ease, with 25–50 openings expected compared to the original plan of 50–75. The shift is tied to efforts in China, where up to 100 underperforming stores will close. Pandora emphasized that the impact on overall growth will be minimal, with network expansion still projected at around 3%.
The company is also navigating trade pressures, particularly U.S. tariffs on products sourced from Thailand, China, Vietnam, India, and other regions. To counteract the cost impact, Pandora is realigning supply chains by adjusting sourcing for U.S. point-of-sale materials and redirecting shipments of jewellery to Canada and Latin America instead of routing through its U.S. hub.
Despite macroeconomic uncertainties, Pandora has reiterated its 2025 guidance, expecting 7–8% organic growth. President and CEO Alexander Lacik affirmed confidence in the outlook, citing a strong product pipeline, upcoming marketing initiatives, and operational adaptability as key drivers for the remainder of the year.