For consumers


Outlook 2018

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




EBITDA margin

Approx. 35%


Approx. 38%

CAPEX, % of revenue

Approx.  5%


Approx.  5%



PANDORA expects to add around net 200 concept stores during 2018 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. Furthermore, PANDORA expects a full year impact on revenue of around DKK 1.0 billion from the full year effect of acquisitions made during 2017 as well as acquisition of stores in 2018.


Assuming current exchange rates versus the Danish Krone, growth reported in DKK is expected to be around 4 percentage points lower than in local currency (compared with earlier expected 3 percentage points lower). Additionally, currency headwinds for Q2 2018 are expected to be around 6 percentage points.


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.