Pandora Q3 sales reach DKK 6.69 billion as 2026 guidance rises

Rebecca Stone

PARIS — Pandora generated 6.69 billion Danish kroner, equivalent to $1 billion at current exchange rates, in third-quarter sales as organic growth reached 6%. Like-for-like sales rose 4%. Network expansion and other factors supplied a 2% boost.

What does the raised 2026 guidance mean?

Pandora reported the result on Wednesday. The Danish jeweler sharpened its guidance toward the upper end of the range announced in August. Organic growth for 2026 now stands at 2% to 3%, compared with the previous 0% to 3%. EBIT margin guidance is 22.5% to 23%.

President and CEO Berta de Pablos-Barbier said: “We are seeing that we are gaining momentum. Our strategic initiatives are clicking into gear.” She said consumers were responding to new designs and culturally relevant activations.

Which markets drove growth?

For the three months ended Sept. 30, Pandora recorded positive like-for-like growth in every region.

• North America grew 3%.
• Europe grew 1%, returning to growth after five quarters of contraction.
• The Middle East and Africa grew 1%.
• Asia-Pacific posted the largest increase, at 20%.
• Latin America grew 6%.

Japan accounted for half of the group’s overall quarterly growth. The business doubled over one year and posted triple-digit growth in the quarter. De Pablos-Barbier described the operating model as maximizing the bridge while remaining locally relevant. She also cautioned that growth at that pace cannot last forever.

Channel planners should treat the 20% Asia-Pacific result with care. One market supplied half of group growth, making the regional figure a signal that can overstate Pandora’s underlying run rate.

What did products and campaigns deliver?

Core, which contains Pandora’s charm business and the Talisman range launched last year, grew 1%. Fuel for More, spanning newer developments such as lab-grown diamond designs, jumped 9%. De Pablos-Barbier said design launches paired with compelling, culturally relevant activations were producing a consumer response.

Two scheduled campaigns give buying and marketing teams a visible release calendar. Pandora Wonders launched in July with stylist Harry Lambert, with a second chapter slated for next year. Pandora Voices launched in October with Dame Pat McGrath.

Pandora remains open to working with someone who can bring a fresh perspective to its icons. No new collaborator had been announced at the time of the report. Neither campaign announcement included disclosed production volumes, pricing or partner economics.

Why did the EBIT margin miss consensus?

Pandora’s gross margin increased during the quarter, supported by a partial refund of U.S. tariff claims. The company did not disclose the refund amount or a gross-margin percentage. Overall quarterly results beat consensus estimates, except for EBIT margin, which reached 15.9%.

RBC Capital Markets analyst Piral Dadhania characterized the margin as 5% below consensus estimates. De Pablos-Barbier said she had made “a deliberate decision to take one point of EBIT and invest it back into the brand.” The spending addresses a retail gap identified by the company.

Stores need to feel warmer and more immersive. They must improve discovery, help shoppers choose a style and explain the collections. Tests in Italy and New York increased conversion, supporting the decision. Pandora plans additional investment in these areas next year.

Pandora will make no major retail-concept change. Its channel strategy remains centered on flagships, including openings in Barcelona and Milan earlier this year. De Pablos-Barbier described those stores as commercially viable expressions of the brand. For retail and expense planning, this favors targeted flagship upgrades over a broad format reset.

What should brand and sourcing teams watch?

October like-for-like growth rose 1%, with lower promotional activity constraining the reported result. Pandora said underlying trends remained healthy at approximately 3%. The near-term read-through is mixed: demand continued, but promotional reductions weighed on reported comparable sales.

Pandora also remains on track to begin its planned transition to platinum-plated jewelry in 2027. A test started in the Netherlands in July and expanded to the United States, United Kingdom and Australia. For sourcing teams, the dated rollout makes plating specifications and market readiness the clearest forward planning issue.

The raised 2026 growth floor and the 15.9% third-quarter margin show the tension in the plan. Pandora must convert store investment and product launches into the 22.5% to 23% EBIT margin while preparing the 2027 platinum-plated transition.