Pandora improves its financial forecast for 2021


Based on a strong performance in the second quarter of 2021 and a recently revised forecast for the rest of the year, Pandora is improving its financial forecast for 2021.

Organic growth expectations are increased to “16% -18%”, instead of “above 12%” and EBIT margin expectations are increased to “23% -24%”, instead of “ above 22% ”.

The updated forecast is based on the assumption that 5% of stores will be temporarily closed or severely affected due to COVID-19 in the second half of 2021 (previously 5-10%). Today, around 6% of stores are temporarily closed or severely affected due to COVID-19. The updated guidelines also assume that COVID-19 will not have a major negative impact on production and the supply chain. COVID-19 is still expected to have a negative impact on organic growth of around -6% year-round.

CAPEX for the year is expected to be around DKK 1.0 billion (previously DKK 1.0 to 1.2 billion) and Pandora now expects 25-50 concept store closures compared to expectation prior to any major changes in the entire concept store network. The effective tax rate is expected to be 22-23%, in line with 2020 and unchanged from previous forecasts.

Pandora’s strong momentum continued in the second quarter of 2021, with organic growth of 13% compared to 2019 (84% compared to 2020). Please also see the overview below. On average, around 15% of stores were temporarily closed or severely affected during the second quarter. The EBIT margin for Q2 2021 was 25.2%. The continued strong performance in the United States and a sequential improvement in Europe with the easing of restrictions related to COVID-19 lifted both revenue growth and EBIT margin.

Pandora is currently in a period of silence and will announce detailed financial results in the second quarter 2021 interim report on August 17, 2021.

Key income indicators

Q2 2021

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vs 2019

Organic growth,%



Sales growth incl. stores temporarily closed,%



Since the start of 2021

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Organic growth,%



Sales growth incl. stores temporarily closed,%



About Pandora

Pandora designs, manufactures and markets hand finished jewelry from high quality materials at affordable prices. Pandora jewelry is sold in more than 100 countries through more than 6,700 points of sale, including around 2,700 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 26,000 people worldwide and manufactures its jewelry at two LEED certified facilities in Thailand using primarily recycled silver and gold. The company plans to be carbon neutral by 2025 and has joined the Science Based Targets initiative to reduce emissions across its entire value chain. Pandora is listed on the Nasdaq stock exchange in Copenhagen and generated sales of 19.0 billion Danish kroner (2.5 billion euros) in 2020.


Investor Relations
John Bäckman
Vice-President, Investor Relations, Taxation and Treasury
+45 5356 6909
[email protected]

Kristoffer Aas Malmgren
Director of Investor Relations
+45 3050 1174
[email protected]

Business communication
Johan melchior
Director of External Relations
+45 4060 1415
[email protected]



About Emilie Brandow

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