Pandora Calls U.S. Holiday Sales Below Expectations

By Rob Bates | January 15, 2026

Pandora downgraded its fiscal guidance for 2025 last week, after sales took a hit from decreased holiday shopping traffic in the United States.

The charm maker still believes 2025 sales will be up, but it now says that organic growth for the year will not meet its original projections: 6%, versus the previously announced 7–8%.

“Our recent business was below expectations,” said Berta de Pablos-Barbier on her first conference call about financial results as CEO. “Growth was affected by softer traffic over the holiday period, though we did continue to outperform the overall [jewelry] market on traffic.… Available indicators suggest that the overall category faced challenges in Quarter 4, particularly within the accessible market segment.”

Pandora’s preliminary U.S. comps show a 2% increase in the fourth quarter—down from the 6% they have averaged for the year.

Chief financial officer Anders Boyer told analysts that Pandora was dealing with a tough macro environment.

“With the data we have from ShopperTrak…[store] traffic in the U.S. was negative in Quarter 4,” Boyer said on the conference call. “Credit card data [indicate] the lower end of the market, the accessible part of the market, is at best flat.”

Pandora will announce its final numbers for the fourth quarter and full year on Feb. 5.

(Photo courtesy of Pandora)