Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pandora Earnings: Sales Decelerate; Raw Materials, Currencies and Tariffs Weigh on the Bottom Line

Jelena Sokolova

Aug 15, 2025

Pandora reported decelerating sales trends in the second quarter, with like-for-like sales reaching 3%, versus 6% like-for-like sales in the first quarter. Margins were down 160 basis points year over year due to adverse commodity prices, foreign-exchange headwinds, and tariffs.

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Pandora AS

Pandora Earnings: Sales Decelerate; Raw Materials, Currencies and Tariffs Weigh on the Bottom Line

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