Danish jewellery giant Pandora reported 6% organic revenue growth in the third quarter of its 2025 financial year, despite a challenging global economic environment. The increase comprised 2% like-for-like growth and 4% from network expansion, according to the company’s latest Interim Report.

The brand’s gross margin stood at 79.3% for the quarter, slightly below the 80.1% recorded in Q3 2024. Pandora attributed a 280 basis-point headwind to foreign exchange, commodities, and tariff pressures. The company performed strongly in the US, while Spain, Canada, Poland, Portugal, and Japan all achieved double-digit like-for-like growth.

Pandora’s EBIT margin was 14.0% in Q3 2025, in line with expectations but 210 basis points lower year-on-year. Earnings per share declined 14%, though rose 5% in constant currency terms, reflecting steady underlying performance.

“We continue our growth journey and delivered solid results in a quarter marked by a difficult macroeconomic backdrop,” said Alexander Lacik, Pandora’s President and CEO. “The early success of our new product launches shows how we can unlock market potential through innovation, emotional storytelling, and affordable luxury. We are well-positioned for the holiday season and on track to achieve our full-year targets.”

During the quarter, Pandora opened 11 concept stores and eight shop-in-shops, with network expansion contributing roughly 5% to overall organic growth. The company plans to continue expanding globally but has revised its store opening guidance for 2025 to around 25 net new concept stores, down from the previous range of 25–50, as it closes up to 100 stores in China to optimise profitability.

Pandora also intends to roll out around 25 company-operated shop-in-shops and introduce its new store concept across key locations in the coming months.