The company reported second quarter revenues of DKK 6.77 billion, which was 2% ahead of consensus, with organic revenue growth of 15% slightly surpassing expectations. Same-store sales growth was in line with consensus at 8%.Pandora's Group EBIT came in at DKK 1.34 billion, representing a margin of 19.8%, which is 3% ahead of consensus. This was largely driven by a gross margin beat, which stood at 80.2%, exceeding the consensus estimate of 79.2%.
The updated LFL growth outlook of 5-7% and space expansion of 4-5% are aimed at offsetting challenges from foreign exchange fluctuations and higher silver prices, Jefferies added. RBC Capital Markets maintains an"Underperform" rating on Pandora with a price target of DKK 920, while Jefferies maintains a positive outlook based on the company's expected earnings per share of DKK 73.3 for 2025, suggesting a potential price target of DKK 1,150.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.