Pandora Raises 2026 Outlook as U.S. Sales Rebound

By JCK News Desk | November 04, 2026

Buoyed by improved sales in the United States and strong growth in Asia-Pacific, Pandora reported 6% organic revenue growth in the third quarter, prompting the jewelry giant to narrow its full-year forecast toward the upper end of its previous range.

The company said on Nov. 4 that quarterly revenue rose 7% to 6.69 billion Danish kroner ($1.04 billion). Like-for-like sales increased 4%.

The United States, Pandora’s largest individual market, returned to growth during the quarter. Like-for-like sales in North America increased 3% in the third quarter, after U.S. sales were flat in the second quarter. Pandora attributed the progress to better in-store execution, online strength, new products, and targeted marketing initiatives, even as store traffic remained subdued amid weak consumer sentiment.

CEO Berta de Pablos-Barbier told Bloomberg that U.S. consumer sentiment did not improve from the previous quarter, particularly among middle- and lower-income customers. Nevertheless, she said the sales improvement suggests Pandora’s initiatives are connecting with American shoppers.

Worldwide, Pandora’s newer jewelry categories continued to outperform its core charms business. The company’s “Fuel with More” segment, which includes the Timeless, Signature, and Essence collections plus Pandora lab-grown diamonds, recorded 9% like-for-like growth.

Asia-Pacific was Pandora’s fastest-growing region, posting a 20% like-for-like increase, largely due to triple-digit growth in Japan. The company said Japan alone contributed nearly half of its total worldwide like-for-like growth. Europe, the Middle East, and Africa increased 1%, while Latin America rose 6%.

Pandora’s reported operating margin rose to 15.9% from 14% a year earlier, but the improvement was heavily influenced by a one-time refund of U.S. tariffs. The refund added 3.7 percentage points to the quarter’s operating margin. Excluding one-time items and external pressures from commodities, foreign exchange, and continuing tariffs, the underlying margin was broadly flat from a year earlier.

Meanwhile, Pandora is moving ahead with its transition of some of its silver jewelry to platinum-plated pieces, a strategy intended to reduce its exposure to volatile silver prices. An initial test in the Netherlands produced what Pandora called encouraging results, and testing has expanded to the United States, United Kingdom, Australia, and other markets.

The company plans to begin converting a portion of its relevant silver assortment in 2027, although falling silver prices and more favorable hedging have allowed it to proceed more slowly than originally planned.

Bloomberg reported that de Pablos-Barbier remains committed to the change despite silver’s retreat from its 2026 peak, saying the company believes relying heavily on silver exposes the business to too much commodity-price risk. About a quarter of the relevant assortment is expected to be platinum-plated in 2027, while Pandora will continue selling silver and gold-plated jewelry.

For the full year, Pandora now expects organic revenue growth of 2%–3%, tightening its previous forecast of 0–3%. It also raised the lower end of its operating-margin guidance, to 22.5%–23% from 22%–23%.

Pandora said October like-for-like sales increased 1%, though lower promotional activity dampened the reported figure; underlying growth was around 3%.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.

(Photo courtesy of Pandora Group)