Pandora delivers 7% organic growth in Q1

Financial Performance - In Q1 2025, Pandora reported revenue of DKK 7,347 million, an increase from DKK 6,834 million in Q1 2024, reflecting a 7% organic growth [4][5] - The EBIT margin for Q1 2025 was 22.3%, up from 22.0% in Q1 2024, indicating a 30 basis points year-over-year improvement [5] - Earnings per share (EPS) grew by 19% in Q1 2025 [5] Phoenix Strategy Execution - The company continues to implement its Phoenix strategy, aiming to position itself as a full jewellery brand while delivering solid financial results [5] - Q1 2025 organic growth consisted of 6% like-for-like (LFL) growth and 4% from network expansion, with LFL growth in the US accelerating to 11% [5] - The gross margin improved to 80.4%, up 110 basis points year-over-year, supported by pricing strategies and operational efficiencies [5] 2025 Guidance and Current Trading - Pandora maintains its guidance for 2025, expecting organic growth of 7-8% and an EBIT margin of around 24%, slightly revised from the previous estimate of 24.5% due to foreign exchange headwinds [5] - Current trading in Q2 2025 shows underlying LFL growth at mid single-digit levels [5] - The company is preparing for various scenarios related to potential US tariffs, with updates expected as the impact on 2025 guidance and 2026 targets becomes clearer [5]