Pandora reported 3% organic revenue growth in the second quarter of 2026, with revenue reaching DKK 7.22 billion (£0.82 billion) for the three months to June 30. Like-for-like sales increased 1%, while the Danish jewelry group raised its full-year guidance for organic growth and operating margin.
Performance varied by region, with Asia-Pacific and Latin America recording double-digit like-for-like growth while North America and EMEA declined.
Revenue and Regional Performance
Pandora’s reported revenue increased 2% year on year from DKK 7.08 billion in Q2 2025. Organic growth, which adjusts for currency and changes to the company’s network, was 3%, with 2% coming from network expansion and other factors.
Operating profit rose to DKK 1.46 billion from DKK 1.29 billion a year earlier. The EBIT margin was 20.3%, compared with 18.2% in Q2 2025.
Regional performance remained uneven. Like-for-like sales in North America declined 1%, while EMEA fell 2%. Spain, Portugal and Poland recorded growth, which was offset by weaker trading in Italy, France, Germany and the UK.
Asia-Pacific delivered 10% like-for-like growth, led by Japan, while Latin America recorded an 18% increase.
Pandora said consumer sentiment continued to affect store traffic, particularly among mid- and lower-income consumers in some markets.
Product and Marketing Changes
Pandora said its second-quarter performance was supported in part by changes to its approach to product design, marketing and market-level growth strategies.
The company highlighted its Garden of Dreams theme, which brought together products from different collections around nature-inspired designs. The campaign was supported by local marketing activity and increased in-store merchandising, with Pandora reporting an improvement in sales for its Timeless range.
In July, Pandora also introduced Pandora Wonders, a multi-year brand platform focused on design and the use of jewelry materials. The first chapter was developed with stylist Harry Lambert and launched in Paris during Haute Couture Week.
The company has also begun testing platinum-plated jewelry. A limited selection entered a pilot programme in the Netherlands in July following more than a year of development and consumer testing. Pandora plans to test selected designs in additional markets during the fourth quarter, ahead of a potential wider rollout in 2027.
The platinum-plated jewelry test forms part of Pandora’s efforts to assess additional materials and product categories across its markets.
Tariffs Affect Margins
Pandora’s gross margin was 80.5% in Q2, although this included a one-off benefit from a partial refund related to its US IEEPA tariff claim.
Excluding the 230 basis-point impact from the refund, gross margin was 78.2%, down 110 basis points year on year. Pandora said tariffs, commodities and foreign exchange created 270 basis points of external pressure on the margin.
The company said efficiencies and promotional discipline offset much of this impact.
The one-off tariff-related income also affected the company’s profitability outlook, meaning the revised full-year EBIT margin guidance includes this benefit.
2026 Outlook Raised
Pandora has raised its full-year organic growth guidance to between 0% and 3%, compared with its previous forecast of between -1% and 2%. Its EBIT margin guidance has also increased from 21% to 22% to a range of 22% to 23%.
The company said current trading in the third quarter was showing mid-single-digit like-for-like growth, although this has been partly supported by the timing of commercial activity.
Berta de Pablos-Barbier, President and CEO of Pandora, said: “We are making progress in re-energising Pandora’s growth engine. Q2 delivered 1% LFL growth, with encouraging early signs from the actions we are taking. There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”
The second-quarter results show differences in performance across Pandora’s markets, with growth in Asia-Pacific and Latin America contrasting with declines in North America and EMEA. The results also reflect the effect of tariffs, foreign exchange and commodity costs on the company’s margins.
