STOCKHOLM, Jan 9 (Reuters) – Danish jewellery group Pandora warned on Friday of lower-than-expected 2025 sales growth due to weak consumer sentiment in North America in the last two months of the year, sending its shares down.
Pandora, whose single-biggest market is the United States, said in a preliminary reading of 2025 results that it now sees full-year organic sales growth of 6%, below its previous guidance of 7-8%.
It said it expects a full-year operating profit of around 7.8 billion Danish crowns ($1.2 billion) and an operating margin, matching previous guidance, of around 24%.
“The top-line performance reflects a year marked by a generally weak consumer sentiment, with North America being particularly impacted in the fourth quarter,” Pandora said in a statement.
“The bottom-line performance demonstrates strong gross margins and cost discipline which partially offset significant external headwinds from commodity prices, foreign exchange rates, and tariffs.”
Pandora said trading in November and December in North America was below expectations due to lower traffic in the stores, reflecting the weak consumer sentiment.
Shares in the company, which is due to publish its full fourth-quarter earnings report on February 5, were down 5.7% at 1133 GMT.
Pandora will in February present its strategic priorities for 2026, including an update on plans to lower the group’s commodity exposure to protect margins, it said.
($1 = 6.4163 Danish crowns)
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
