Pandora Reports 15% Revenue Growth For 2017

(IDEX Online) – Jewelry giant Pandora reported that group revenue in 2017 increased by 12% (15% in local currency) to DKK 22,781 million ($3.8 billion).

Revenue from Pandora owned retail increased by 42% (46% in local currency).

Like-for-like sales growth for Pandora owned concept stores was 11%.

Revenue from EMEA increased 13% (15% in local currency), while in the Americas it increased by 4% (6% in local currency), in the US was 15%. Revenue in Asia Pacific increased 25% (28% in local currency).

Revenue from charms increased 8% and revenue from bracelets increased 8%

For 2018, Pandora expects to increase revenue by 7-10% in local currency.

Commenting on the results, Anders Colding Friis, CEO of Pandora, said: "2017 was a challenging and eventful year for Pandora. We increased revenue by 15% in local currency, driven by a strong performance from Pandora owned retail, and double-digit growth in local currency across all product categories.

In 2018, Pandora will continue to drive growth and expand the store network. Group revenue is expected to increase 7-10% in local currency.

In 2018, Pandora plans to continue to expand the store network and expects to add around net 200 concept stores during the year of which roughly 50% are expected to be opened in EMEA, 25% in Americas and 25% in Asia Pacific. Pandora expects two thirds of the concept store openings to be Pandora owned stores, which is in line with its intentions to increase the owned and operated retail footprint. Furthermore, Pandora will continue to acquire franchise concept stores in 2018 and consequently expects a full year tailwind in revenue of roughly DKK 1.0 billion from the full year effect of acquisitions made during 2017 as well as acquisition of stores in 2018.

Pandora expects revenue growth in Q1 2018 to be slightly below the guided range of 7-10%. The main reason is the dependency on newness in the product assortment, which is expected to gradually improve throughout the year.