Pandora Revenues Grew 11 Percent in Q4

Lily Templeton

4 February 2025 at 5:19 pm·3-min read

PARIS – Pandora said it was heading for another solid year in 2025 after revenues continued to grow in the fourth quarter, the sixth consecutive period to see double-digit organic growth.

On Wednesday, the Danish jewelry giant reported sales of 11.97 billion Danish kroner, or $1.67 billion, in the three months to Dec. 31. Organic revenues grew 11 percent, coming in at the higher end of consensus estimates.

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“We are pleased with how we ended 2024, particularly given the challenging macroeconomic backdrop and a competitive holiday period. Execution of our Phoenix strategy continued to drive the brand forward throughout the entire year,” Alexander Lacik, president and chief executive officer, said in a statement.

“In 2025, we target another year of solid and profitable growth and we have all actions lined up to continue the strong development,” he added.

In 2024 as a whole, Pandora posted revenues of 31 billion Danish kroner, or $4.31 billion, up 13 percent year-on-year, exceeding the 11 to 12 percent guidance it had issued for full-year revenue.

Net profit grew 13 percent to 2.87 billion Danish kroner, while the EBIT margin came in at 25.2 percent, in line with its expectations.

In the fourth-quarter, its core charms business grew by 2 percent, continuing to account for almost three-quarter of all sales. Meanwhile the noncharms segment saw a 13 percent increase in like-for-like terms in the quarter.

Like-for-like sales rose 6 percent overall, with the U.S. gaining 9 percent and the rest of the world tracking at 11 percent. Europe came in flat, with a mixed picture emerging from key markets of France and Italy, which recorded double-digit declines, while Germany leaped 28 percent.

Current trading in the first quarter stands at “high-single digit levels” in like-for-like terms, the company said, noting the contribution of a strong end-of-season sale. It sees underlying trading at “healthy mid-single digit levels.”

Pandora’s initial guidance for 2025 is for 7 to 8 percent organic growth and an EBIT margin of “around 24.5 percent.”

Among its plans are the roll-out of a new e-commerce platform globally throughout the year, aiming to “notably step up Pandora’s brand desirability,” it stated.

As silver prices continue to rise, Pandora plans further price increases in 2025 and 2026 and to continue the cost program it began in the fourth quarter to add further cost efficiencies. Based these mitigating actions and based on a silver price of $30.5 per ounce, the company confirmed its 2026 EBIT margin target of 26 to 27 percent, “although currently pointing towards the low-end of the range.”

Separately on Wednesday, it announced a share buy-back program of 4 billion Danish kronor, running until Jan. 30, 2026.

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