Pandora (CSE:PNDORA) on Friday reported second-quarter 2025 results that came broadly in line at the EBIT level, though like-for-like sales growth missed expectations, sending shares tumbling down 12% on Friday.
Revenue for the quarter reached DKK 7.08 billion, representing 8% organic growth. Retail like-for-like sales grew 3%, short of the 4.3% consensus.
EBIT came in at DKK 1.29 billion, for a margin of 18.2%, about 1% below consensus, while net profit was DKK 803 million. Margins nevertheless beat expectations, supported by efficiencies.
In terms of regional trends, the U.S. remained strong with 12% organic growth, while Australia and Other Markets grew 18% and 13%, respectively. In contrast, Europe was softer, with the U.K. down 5%, Italy 7%, and France 2%.
Pandora reaffirmed its full-year 2025 guidance for organic revenue growth of 7-8%, underpinned by like-for-like growth of 4-5%, network expansion of about 3%, and forward integration of around 1%.
“We think c.100bps of LFL miss is due to low inventory for the end-of-season sale, and some tougher comp from the Essence launch last year (product launches this year are geared to end Q3). We note also the comp gets materially easier into the back end of the quarter,” said analysts at Jefferies.
Local currency growth is projected at 8–9%. The EBIT margin forecast was adjusted to around 24% (from about 24.5%) to reflect headwinds from commodities, foreign exchange, and tariffs, together representing a 280-basis-point drag versus 2024.
Source :
https://www.investing.com/news/earnings/pandora-warns-tariffs-may-cut-2025-earnings-by-dkk-500-mln-lowers-margin-view-4194567
