LONDON, May 6 (Reuters) – Jewellery brand Pandora beat first-quarter revenue expectations on Wednesday despite a 2% drop in comparable sales in North America, as new CEO Berta de Pablos-Barbier grapples with weak consumer sentiment in the U.S. and Europe amid the Iran war.
The Danish firm’s first-quarter sales fell to 7.109 billion crowns ($1.12 billion) from 7.347 billion crowns a year ago, slightly better than the 7.089 billion crowns analysts expected according to a company-compiled poll. Organic growth was 2%, ahead of expectations of 1%.
Pandora said “lower consumer sentiment” impacted sales in North America, while Europe, the Middle East, and Africa also declined 2%, but strong growth in Latin America and Asia-Pacific helped offset the weaker core regions. Operating profit was 1.487 billion crowns, beating analysts’ average forecast of 1.28 billion crowns.
De Pablos-Barbier, previously Pandora’s head of marketing, has promised to attract new customers to the charm bracelet brand and improve its reach with new designs and more efficient, targeted advertising.
She has said 2026 will be a transition year, while the strategy would deliver higher comparable sales growth in 2027.
Pandora, which makes its jewellery at two factories it owns in Thailand, has contended with high U.S. tariffs on imports and a surging price of silver, its main raw material, hurting its shares, which are down 50% from a year ago.
($1 = 6.3686 Danish crowns)
(Reporting by Helen Reid; Editing by Muralikumar Anantharaman)
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