A dispenser for discharging flowable compounds has a reservoir for holding the compound and a dispensing pump. The dispenser has a longitudinal axis. The dispensing pump has an inflow and an outflow channel, a pumping chamber which is delimited on the inflow and outflow sides by valves, and a head piece. The head piece has a dispensing opening. A pumping part can be moved relative to a cup part against an elastic force of a restoring device in order to achieve a pumping stroke, and the head piece is coupled to the pumping part with respect to motion such that a motion of the head piece from a completely depressed position to a reachable extension height corresponds to the pumping stroke. A variable limiting device is provided for variably limiting the pumping stroke and a change in the pumping stroke corresponds to a change in the extension height.