• Group revenue in 2017 increased by 12% (15% in local currency) to DKK 22,781 million (2016: DKK 20,281 million)
  • Revenue from PANDORA owned retail increased 42% (46% in local currency).
    • Like-for-like sales-out growth for PANDORA owned concept stores was 11%
  • Revenue from EMEA increased 13% (15% in local currency)
  • Revenue from Americas increased 4% (6% in local currency)
    • Like-for-like sales-out growth 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%
  • Full jewellery brand development remains on track with combined revenue from Rings, Earrings and Necklaces & Pendants up 28%. The three categories represented 26% of Group revenue compared with 23% in 2016
  • Gross margin was 74.5% in 2017 (2016: 75.1%)
  • EBITDA was DKK 8,505 million in 2017 (2016: DKK 7,922 million), corresponding to an EBITDA margin of 37.3% (2016: 39.1%).
  • The effective tax rate was 24.8% in 2017 compared with 21.2% in 2016. The change was due to the new US tax reform as well as repatriation of dividend related to PANDORA Production Co. Ltd. in Thailand
  • Free cash flow was DKK 5,294 million in 2017 (2016: DKK 5,358 million)
  • The Board proposes to return DKK 2.0 billion in dividend in 2018, including an ordinary dividend of DKK 9 per share and a bi-annual dividend of DKK 9 per share
  • Additionally, PANDORA will initiate a share buyback programme to a maximum consideration of DKK 4.0 billion
  • For 2018, PANDORA expects to increase revenue by 7-10% in local currency and has an EBITDA margin of approximately 35%

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. The results enable us to return DKK 6 billion to our shareholders. Looking ahead, as outlined at our Capital Markets Day in January, we have a clear strategy to utilise our fully integrated value chain to capitalise on the growth opportunities. We are confident this strategy will deliver continued growth and strong profitability in 2018 and the years to come.”

In 2018, PANDORA will continue to drive growth and expand the store network. Group revenue is expected to increase 7-10% in local currency. To drive revenue PANDORA will continue to increase the owned and operated part of the store network as well as develop and launch new and more innovative products. As a consequence the EBITDA margin for 2018 is expected to be lower than in 2017. The EBITDA margin is expected to be around 35% in 2018.

CAPEX for the year is expected to be around 5% of revenue. The expected level of investments mainly includes investments in PANDORA’s distribution network, IT and continued optimisation of the Company’s crafting facilities in Thailand. 

Revenue, DKK billion/ local currency growth 7-10% 22.8 23-24
EBITDA margin Approx. 35% 37.3% Approx. 38%
CAPEX, % of revenue Approx.  5% 6.1% Approx.  5%

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 the Company’s 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. Additionally, currency headwind for Q1 2018 is expected to be around 5 percentage points.

Assuming current exchange rates versus the Danish Krone, growth reported in DKK is expected to be around 3 percentage points lower than in local currency.

As in 2017, the EBITDA margin is expected to be significantly lower in the first half of the year compared with the second half. EBITDA margin expectations are based on the foreign exchange rates at the time of the announcement.

In connection with the Annual Report 2016, PANDORA announced the decision to return up to DKK 5.8 billion to shareholders. For 2018, PANDORA’s Board of Directors has decided to increase the total cash return to shareholders to DKK 6.0 billion. Looking ahead, PANDORA will continue to secure a strong return of cash to the Company’s shareholders.

In 2017, PANDORA paid out an ordinary dividend of DKK 9 per share, corresponding to DKK 1.0 billion in total. Additionally, three quarterly dividends of DKK 9 per share were paid out in relation to Q1 2017, Q2 2017 and Q3 2017. In total, PANDORA paid out DKK 36 per share (DKK 4.0 billion) in 2017.

Based on the financial results in 2017, the Board proposes to return DKK 2 billion in dividend in 2018. This includes an ordinary dividend of DKK 9 per share and one additional bi-annual dividend of DKK 9 per share in relation to the first half 2018 results. In total, PANDORA will pay out DKK 18 per share in 2018, equivalent to DKK 2.0 billion.

In connection with the Annual Report 2016, PANDORA announced its intention to buy back own shares of up to DKK 1.8 billion in a share buyback programme from 7 February 2017 to 6 February 2018. In 2017, a total of 2,566,886 shares have been bought back, corresponding to a transaction value of DKK 1.7 billion. The purpose of the programme is to reduce PANDORA’s share capital and to meet obligations arising from employee share option programmes. At the Annual General Meeting 2018, The Board will propose to reduce the Company's share capital by a nominal amount of DKK 2,478,388 by cancellation of 2,478,388 own shares of DKK 1, equal to 2.2% of the Company's total share capital.

The Board has decided to launch a new share buyback programme in 2018, under which PANDORA will buy back own shares to a maximum consideration of DKK 4.0 billion. The shares acquired during the programme will primarily be used to reduce PANDORA’s share capital and to meet obligations arising from employee share option programmes. The share buyback programme will run from the Annual General Meeting (14 March 2018) to no later than 13 March 2019.

PANDORA’s Annual Report 2017 has been released today and is available for download in the investor section of

A conference call for investors and financial analysts will be held today at 11.00 CET and can be joined 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 35 44 55 83

UK (International): +44 (0) 203 194 0544

US: +1 855 269 2604

14 March 2018                   Annual General Meeting

19 March 2018                   Payment of annual dividend

15 May 2018                       Interim Report for Q1 2018

14 August 2018                  Interim Report for Q2/H1 2018

21 August 2018                  Ex-dividend date

23 August 2018                  Payment date

6 November 2018              Interim Report for Q3/9M 2018

PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through around 7,800 points of sale, including more than 2,400 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 27,300 people worldwide of whom around 13,200 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA’s total revenue was DKK 22.8 billion (approximately EUR 3.1 billion).

For more information, please contact: 

INVESTOR RELATIONS                            
Magnus Thorstholm Jensen
Vice President, Head of Investor Relations
+45 7219 5739

Martin Kjærsgaard Nielsen
Head of Media Relations, Corporate Communications
+45 5077 5271

Christian Møller
Investor Relations Officer
+45 7219 5361