Pandora releases preliminary financial results for the beginning of fiscal year 2025.

Pandora released its preliminary and unaudited financial results for the beginning of fiscal year 2025 last Friday. ​​The report showed that the brand expects full-year organic growth of 6%, lower than the previously set target range of 7% to 8%.

Pandora's new CEO, Berta de Pablos-Barbier, stated that despite facing macroeconomic headwinds, the company achieved 6% growth, but fourth-quarter (Q4) holiday trading performance was disappointing, particularly in North America. Comparable growth in North America was only 2% in the fourth quarter. Due to subdued consumer sentiment leading to decreased store traffic, sales during the traditional peak months of November and December were significantly lower than expected. Comparable growth in the Europe, Middle East, and Africa (EMEA) region was -1%. While the Italian market lagged, Spain, Poland, and Portugal maintained strong growth.

Despite the slowdown in growth, Pandora's overall scale continues to expand. Total revenue in 2025 is projected to reach 32.5 billion Danish kroner (approximately $4.73 billion), an increase from 31.7 billion Danish kroner in 2024. Full-year operating profit is expected to be approximately 7.8 billion Danish kroner (approximately $1.2 billion), with an EBIT margin of 24%, largely consistent with previous guidance. Fourth-quarter revenue was 11.9 billion Danish kroner, a slight decrease from 12 billion in the same period last year.

As the new CEO, Berta de Pablos-Barbier has clearly outlined her management priorities for the future: In response to the recent sharp increase in silver prices, Pandora will focus on mitigating the risks associated with commodity price volatility; the brand plans to launch designs using new materials in 2026 (this calendar year), and De Pablos-Barbier emphasized that high silver prices will serve as a catalyst for the brand to develop new materials and drive product innovation; and finally, implementing "course corrections" in underperforming regions to accelerate profitable growth.