Pandora lowers 2026 profit target amid persistent economic headwinds

Pandora A/S on Wednesday lowered its 2026 profit margin target, citing persistent headwinds from commodity prices and foreign exchange rates, even as it reported sales growth for the third quarter.

The Danish jewelry maker now expects an operating profit (EBIT) margin of "around 23%" for 2026, down from its previous target of "at least 24%."

The company said the change solely reflects additional economic pressures that have emerged since its second-quarter announcement.

For the third quarter, Pandora reported 6% organic revenue growth, driven by a 2% increase in like-for-like sales, which measure performance at stores open for at least a year, and a 4% contribution from new store openings.

The company's third-quarter EBIT margin fell to 14.0% from 16.1% a year earlier, which it attributed to headwinds from foreign exchange, commodities and tariffs.

"We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment," Chief Executive Alexander Lacik said.

Pandora maintained its guidance for 2025, expecting organic growth of 7-8% and an EBIT margin of "around 24%."