Pandora raised the lower ends of its 2026 sales-growth and profitability forecasts Nov. 4, 2026, after stronger third-quarter jewelry sales, while expanding tests of platinum-plated products ahead of a planned transition next year.
The Danish company now expects organic growth of 2% to 3%, compared with 0% to 3% previously. Its operating-margin forecast narrowed to 22.5% to 23%, from 22% to 23%. The upper ends of both ranges are unchanged.
Growth improves, but one-offs matter
Third-quarter organic growth was 6%, including 4% like-for-like growth and a further contribution from network expansion and other factors. A partial U.S. tariff refund helped reported profitability; Pandora said its underlying operating margin was broadly unchanged from a year earlier.
Reuters also reported the higher forecasts and the company’s expectation that new collections and platinum-plated products would support demand.
The results distinguish an improvement in sales from the separate effect of a nonrecurring refund. For commercial partners, those are different signals: sales indicate customer activity, while one-off income does not establish a lasting improvement in operating performance.
A product transition is still ahead
Pandora expanded its platinum-plated jewelry pilot from the Netherlands to additional markets including the United States, Britain and Australia. It said the broader transition remains on track to begin in 2027.
The commercial test is therefore not complete. The revised annual forecast reflects greater confidence within the existing range, while the product program still requires execution. Pilot expansion should not be confused with a completed change across the assortment or evidence of customer acceptance in every market.