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%



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.