OUTLOOK 2018

OUTLOOK 2018

For 2018, PANDORA now expects revenue to increase 4-7% in local currency (from previously guided 7-10%). 

Assuming current exchange rates versus the Danish Krone, PANDORA expects a headwind from currencies on revenue growth in Danish Kroner of around 2 percentage points. This compares to an expected headwind of around 4 percentage points in connection with the announcement of the Q1 2018 report in May.

The EBITDA margin is expected to be approximately 32% (from previously guided approximately 35%). 

CAPEX is still expected to represent approximately 5% of revenue. 

PANDORA expects to add around net 250 concept stores during 2018 (previously around 200) of which approximately 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 1.4 billion (previously around DKK 1 billion) from the acquisitions made during 2017 and 2018. 
 

 

2018

Guidance

2017

Actual

Revenue, DKK billion/ local currency growth

4-7%

22.8

EBITDA margin

Approx. 32%

37.3

CAPEX, % of revenue

Approx.  5%

6.1