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Pandora has revealed a drop in UK sales as the jewellery brand hiked prices in response to soaring silver and gold costs, and as it prepares to take a financial hit from US tariffs.
The Danish company said it was considering raising its prices further to help mitigate the impact of increased costs.
Its total global revenues were 7.1 billion Danish kroner (£820 million) between April and June, 3% higher than the same period last year when compared like-for-like.
But in the UK, sales dropped 9% year-on-year, which Pandora said partly reflected a weak end-of-season sale.
It is preparing to step up marketing efforts to draw in more customers over the second half of the year.
Pandora has around 6,900 global stores and concessions and says it is the world’s largest jewellery brand, with it specialising in accessible luxury pieces made out of recycled gold and silver.
The company said the latest results came “despite a tough consumer backdrop combined with significant headwinds from foreign exchange rates, commodity prices and tariffs”.
Pandora said it has been impacted by US tariffs in relation to products it ships from Thailand, China, Vietnam, India and several other countries.
Southeast Asia has been subject to President Donald Trump’s steep levies on goods shipped to the US – although many countries are scrambling to make trade agreements to minimise the impact on industries.
Pandora is bracing for a financial hit worth 450 million Danish krona (£52 million) next year as a direct result of tariffs.
But it said it was working on measures to mitigate the costs, including switching sources of supply for materials in the US, and shipping jewellery directly to Canada and Latin America rather than it passing through its US warehouse.
The brand also said it was considering further price increases to help cover the impact.
It already implemented a 5% price rise in October last year, a further 4% increase in April, and a “low single-digit increase” in August, which it said was in response to higher commodity prices.
Gold and silver prices have soared this year as investors rushed to safer assets amid sharp movements in prices in the financial markets.
Alexander Lacik, president and chief executive of Pandora, said: “In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability.
“The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the market.”