| Source: Pandora A/S
  • Group revenue in Q1 2014 was DKK 2,592 million, an increase of 29.5% or 34.0% in local currency, compared with Q1 2013:
    • Americas increased by 10.7% (16.2% increase in local currency)
    • Europe increased by 49.2% (48.3% increase in local currency)
    • Asia Pacific increased by 54.3% (71.9% increase in local currency)
  • The gross margin increased to 69.1% in Q1 2014, compared with a gross margin of 65.6% in Q1 2013
  • EBITDA increased by 45.7% to DKK 937 million for the quarter, corresponding to an EBITDA margin of 36.1%, compared with an EBITDA margin of 32.1% in Q1 2013
  • EBIT was DKK 887 million for the quarter, an increase of 48.1%, corresponding to an EBIT margin of 34.2%, compared with an EBIT margin of 29.9% in Q1 2013
  • Net profit for the quarter was DKK 704 million, compared with a net profit of DKK 438 million in Q1 2013
  • Free cash flow was DKK 1,049 million in Q1 2014 (including an extraordinary VAT repayment in Germany of DKK 259m), compared with DKK 406 million in Q1 2013
  • During Q1 2014, PANDORA bought back 902,530 own shares at a total value of DKK 317 million as part of the on-going DKK 2.4 billion share buyback programme.

Following a good start to 2014, PANDORA has decided to increase revenue guidance to more than DKK 10.5 billion (previously guided more than DKK 10.0 billion). The EBITDA margin expectation is unchanged, and is expected to be approximately 35%.

  FY 2014
 New guidance
FY 2013
Revenue, DKK billion >10.5 9.0
EBITDA margin approx. 35% 32.0%
CAPEX, DKK million approx. 550 490
Effective tax rate approx. 20% 19%

PANDORA plans to continue to expand the store network and now expects to add more than 225 new concept stores in 2014 versus previously expected more than 175.

In connection with the Q1 2014 results, CEO Allan Leighton said:
We are pleased to see that the strong momentum has continued into 2014 with revenue growth of 30% for the first quarter. All regions increased with double digit percentages, primarily driven by strong like-for-like growth, which was positively impacted by a good reception of all our new collections and replenishment from a strong Christmas period. Our upgraded revenue guidance reflects this quarter’s performance, but also the expectancy that the absolute levels of growth moderate for the rest of the year.

A conference call for investors and financial analysts will be held today at 10.00 CET and can be accessed online at The presentation for the call will be available on the website one hour before the call.

The following numbers can be used by investors and analysts:
DK: +45 3272 8018
UK (International): +44 (0) 1452 555 131
US: +1 866 682 8490

To help ensure that the conference begins in a timely manner, please dial in 5 minutes prior to the scheduled starting time. Participants will have to quote confirmation code 23797392 when dialling into the conference.

PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 80 countries on six continents through approximately 10,000 points of sale, including more than 1,100 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 9,000 people worldwide of whom 6,800 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2013, PANDORA’s total revenue was DKK 9.0 billion (approximately EUR 1.2 billion). For more information, please visit

For more information, please contact: 

INVESTOR RELATIONS                            
Morten Eismark                                             
VP Group Investor Relations                         
Phone +45 3673 8213                                    
Mobile +45 3045 6719                                  
Jakob Risom Langelund
Press Officer
Phone +45 3673 0634
Mobile +45 6165 6540

Magnus Thorstholm Jensen
Investor Relations Officer

Phone +45 4323 1739
Mobile +45 3050 4402