Pandora has upgraded its full-year guidance after delivering a modest return to growth in the second quarter, buoyed by surging emerging market sales and a one-off tax benefit.
The Danish jewellery maker reported a 3-percent rise in organic growth for Q2 2026, with revenue reaching DKK 7.22 billion. Operating profit rose 13.7 percent year-on-year to DKK 1.46 billion, boosted significantly by a 230-basis-point margin uplift from a US tariff refund. Excluding this windfall, underlying profitability remained broadly flat due to ongoing pressures from raw material costs and foreign exchange fluctuations.
Performance varied sharply by region. Strong demand in Latin America (+18 percent) and Asia-Pacific (+10 percent) offset sluggish results in established markets, where like-for-like sales fell 1 percent in North America and 2 percent across Europe, the Middle East, and Africa. Meanwhile, sales of lab-grown diamonds dropped 20 percent as consumers turned away from higher-priced collections, prompting a strategy shift towards more affordable ranges.
Chief executive Berta de Pablos-Barbier credited new design initiatives, including the Garden of Dreams theme and a trial of platinum-plated jewellery, for re-energising the brand.
Reflecting early progress, Pandora raised its 2026 organic growth guidance to between 0 – 3 percent, up from its previous forecast of -1 – 2 percent. (Photo courtesy: Pandora)
28-09-2026
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