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Pandora shares climbed more than 3% on Thursday after the Danish jewelry company reported stronger-than-expected preliminary second-quarter results and upgraded its 2026 guidance. The company also offered a more favorable 2027 margin outlook, supported by lower silver costs.
Second-quarter like-for-like sales increased 1%, beating the Visible Alpha consensus forecast for flat growth. Trading momentum has strengthened further in the third quarter, with like-for-like sales running at mid-single-digit growth, significantly above the 0.1% consensus estimate.
Pandora’s second-quarter EBIT was 32% above headline expectations. However, Morgan Stanley analysts noted that profitability benefited substantially from temporary factors, including roughly 250 basis points from a U.S. IEEPA tariff refund and around 200 basis points from favorable operating expense timing. Excluding those effects, the underlying EBIT beat was closer to 3%.
Following the results, Pandora raised its 2026 organic growth forecast to 0%-3%, compared with its previous range of -1% to 2%. The company also increased its expected EBIT margin to 22%-23% from 21%-22%, largely reflecting the tariff refund.
Regional performance was mixed. North American like-for-like sales fell 1%, slightly outperforming expectations for a 2% decline, while U.S. sales remained flat amid weak consumer sentiment and softer store traffic. Latin America delivered 18% growth, far exceeding the 7% consensus, helped by pricing changes and localized marketing. EMEA sales declined 2%, while Asia-Pacific posted 10% growth.
Pandora also improved its 2027 profitability outlook as lower silver prices reduce input costs. The jewelry maker is now approximately 90%-100% hedged for its 2027 silver exposure at around $65 per ounce, compared with the roughly $82 silver price previously assumed.
According to Pandora, the improved silver hedging position could add around 200 basis points to its previous 2027 EBIT margin assumptions. Morgan Stanley said the latest results could lead to further upgrades to 2026 and 2027 earnings forecasts, maintaining the potential for Pandora’s recent “beat-and-raise” momentum to continue.
