For consumers


Outlook 2017

In 2017, PANDORA will continue to drive growth in existing stores, and expand the store network in newer as well as in more developed markets. Revenue is expected to be in the range of DKK 23-24 billion, with existing stores expected to contribute roughly half of the growth, and expansion of the store network contributing the remaining half. PANDORA currently expects only single digit revenue growth in the first quarter of 2017, due to timing of shipments and a very strong performance in the first quarter of 2016. Assuming current exchange rates, PANDORA expects a full year tailwind effect from currencies on revenue of around 1 percentage point compared with 2016.

The EBITDA margin in 2017 is expected to be around 38%. For 2017, the EBITDA margin is anticipated to be negatively impacted by around 0-1 percentage points from higher commodity prices. Furthermore, assuming current exchange rates, PANDORA expects a full year headwind effect from currencies on the EBITDA margin of around 1 percentage point compared with 2016. The EBITDA margin is expected to be significantly lower in the first half of 2017 compared to the second half.

CAPEX for the year is expected to be around 5% of revenue. The expected level of investments includes expansion of the crafting facilities in Thailand, investments in PANDORA’s distribution network, as well as IT investments. 

Expectations are based on foreign exchange rates at the day of the announcement.


FY 2017

FY 2016

Revenue, DKK billion



EBITDA margin

Approx. 38%


CAPEX, % of revenue

Around 5%

(DKK 1.2 billion)

Effective tax rate

Approx. 21%


In 2017, PANDORA plans to continue to expand the store network and expects to add more than 275 new 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 around half 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.