Denmark's Pandora Q1 revenue falls, EBIT margin declines

Pandora A/S

06/05/2026 06:39

Overview

Denmark jewellery maker's Q1 organic growth was 2%, with flat like-for-like sales

Q1 revenue declined 3.3% yr/yr, with North America and EMEA LFL sales down

Q1 EBIT margin fell to 20.9% from 22.3% due to external headwinds

Outlook

Pandora maintains 2026 organic growth guidance at -1% to +2%

Company expects 2026 EBIT margin of 21-22%

Current trading in Q2 2026 shows around flat LFL growth

Result Drivers

REGIONAL VARIATION - Co said North America and EMEA like-for-like sales declined due to lower consumer sentiment, while Asia-Pacific and Latin America saw growth

SEGMENT PERFORMANCE - Core segment LFL declined, partly offset by strength in the Talisman collection and improved performance in Fuel with More and Timeless lines

EXTERNAL HEADWINDS - Gross margin fell as tariffs, commodities and foreign exchange pressures were only partly offset by efficiencies

Company press release: ID:nGNE6ps28r

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
DKK 7.11 bln
Q1 EBIT
DKK 1.49 bln
Q1 EBIT Margin
20.90%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 13 "hold" and 4 "sell" or "strong sell"

The average consensus recommendation for the apparel & accessories peer group is "buy."

Wall Street's median 12-month price target for Pandora A/S is DKK541.00, about 8.7% above its May 5 closing price of DKK497.60

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)