Pandora reported steady growth in the second quarter despite global challenges, while announcing plans to close about 100 underperforming stores in China to streamline its retail network. The closures are higher than the 50 previously expected, meaning net global openings will now total 25 to 50 this year, compared to the earlier forecast of 50 to 75. Still, Pandora aims to expand its footprint by 400–500 stores by 2026.

 Product mix contributed negatively driven by the strong performance in Collabs and Pandora Lab-Grown Diamonds, which both carry gross margins below group level,

For the quarter ending June 30, revenue rose 4% to DKK 7.08 billion ($1.11 billion), with organic growth of 8% and like-for-like sales up 3%, driven by strong US demand, especially during Mother’s Day. Profit inched up 0.5% to DKK 803 million ($125.9 million). Lab-grown diamond sales surged 36%, though their lower margins pressured profitability.

Pandora also flagged potential tariff impacts, estimating costs of DKK 200 million in 2025 and DKK 450 million in 2026, and may consider price increases to offset pressures.