By Helen Reid and Isabelle Yr Carlsson COPENHAGEN (Reuters) -Danish jewellery maker Pandora said on Wednesday that its growth and profit margin this year would be lower than last, as it expects sluggish demand in Europe and slowing growth in Germany after a strong run.

Pandora, the Danish jewelry maker, announced on Wednesday that it anticipates lower growth and profit margins this year compared to last.

Pandora reported sales ahead of forecast thanks largely to its performance in the U.S., but economic and cost tailwinds look set to challenge the world's biggest jeweler.

Jewellery maker Pandora said on Wednesday that its growth and profit margin this year would be lower than last, forecasting sluggish European demand but stronger consumer sentiment in its biggest market,