Pandora, the Danish jewelry maker, yesterday announced that its growth and profit margin for 2025 would be lower than last year, citing sluggish demand in Europe and slowing growth in Germany after a strong run. Despite a solid fourth quarter, when operating profit met expectations, Black Friday discounts took a toll on profitability. The company reported 13% organic growth for 2024, exceeding its 11% to 12% guidance, and expects 7% to 8% organic growth in 2025. Sales in the US were strong, with 9% comparable growth, while Germany’s growth slowed and revenues in France and Italy fell due to economic pressures and a highly competitive promotional environment. Pandora’s fourth-quarter operating profit rose to 4.15 billion Danish Krone ($595 million), with a margin of 34.7%. The company forecast a margin of 24.5% for 2025, down from 25.2% last year.