Jewellery group Pandora delivered first-quarter revenue of 7.347 billion Danish crowns ($1.12 billion), coming in just ahead of the market’s consensus forecast of 7.310 billion crowns.
The company reaffirmed its full-year target for organic growth between 7% and 8%.
However, rising costs linked to trade policies have prompted a downward revision in Pandora’s expected earnings margin.
It now anticipates a 2025 EBIT margin of around 24%, trimming its previous guidance of 24.5%. The change reflects currency headwinds from a weaker US dollar and uncertainty around US tariff changes.
Pandora, which manufactures its jewellery in Thailand, faces increased shipping costs due to the removal of a US tariff exemption.
This is expected to add roughly 250 million Danish crowns ($38 million) in expenses this year and 300 million crowns in annual costs moving forward.
If the US reintroduces a 37% tariff on Thai goods, the financial impact could rise to 500 million crowns this year and 900 million crowns annually.
To reduce exposure, Pandora is working on rerouting some logistics. By early 2026, it plans to begin shipping directly from Thailand to Canada and Latin America, cutting reliance on its Baltimore warehouse.
In response to mounting cost pressures, including rising silver prices, Pandora raised prices by 4% in April. This follows a 5% increase last October, and the company hasn’t ruled out further adjustments depending on how trade conditions evolve, saying: “In both scenarios, Pandora will consider further price increases.”
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