FINANCIAL HIGHLIGHTS

·         Group revenue in Q3 2017 increased by 13% (16% in local currency) to DKK 5,194 million (Q3 2016: DKK 4,612 million)

·         Revenue from PANDORA owned retail increased 35% (40% in local currency).

-          Like-for-like sales-out growth for PANDORA owned concept stores was 5%

·         Revenue from EMEA increased 15% (17% in local currency) driven mainly by a positive performance in Italy and Germany

·         Revenue from Americas increased 1% (6% in local currency)

-          Like-for-like sales-out growth in the US was 5%

·         Revenue in Asia Pacific increased 26% (32% in local currency) driven by strong sales growth in Australia and China

·         Revenue from Charms increased 9% and revenue from Bracelets increased 13%

·         Full jewellery brand development remains on track with combined revenue from Rings, Earrings and Necklaces & Pendants up 21%, the three categories representing 27% of Group revenue

·         Gross margin was 74.2% in Q3 2017 (Q3 2016: 75.1%)

·         EBITDA was DKK 1,965 million in Q3 2017 (Q3 2016: DKK 1,842 million), corresponding to an EBITDA margin of 37.8% (Q3 2016: 39.9%). The decrease was mainly due to unfavorable currency fluctuations and higher marketing expenses

·         Free cash flow was DKK 637 million in Q3 2017 (Q3 2016: DKK 577 million)

·         DKK 1,650 million returned to shareholders in Q3 2017 via quarterly dividend of DKK 9 per share and share buy-back of DKK 652 million

·         Related to the Q3 2017 results, PANDORA will pay out a quarterly dividend of DKK 9 per share to shareholders (corresponding to DKK 1 billion)

·         Financial guidance for FY 2017 is unchanged, even though full year revenue is expected in the low end of the earlier guided range of DKK 23-24 billion.

Commenting on the results, Anders Colding Friis, CEO of PANDORA, said:
"The results in the third quarter were in-line with our expectations, with the underlying development showing positives as well as negatives. Most of our major growth markets - Germany, Italy, Australia and China - continued to show strong performance with double-digit growth rates, whereas the retail environment in the US, combined with currency headwind from the US Dollar, continued to be a challenge."

CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 11.00 CET and can be joined online at www.pandoragroup.com. 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

NEW DATE FOR CAPITAL MARKETS DAY
The Capital Markets Day originally scheduled for 13 December 2017 has been rearranged to 16 January 2018. The location and timing are unchanged.

FINANCIAL CALENDAR 2017
14 November 2017                    PANDORA shares are traded ex-dividend
16 November 2017                    Payment of quarterly dividend
23 November 2017                    Payment of quarterly dividend for ADR holders

CONTACT
For more information, please contact:

INVESTOR RELATIONS Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net	MEDIA RELATIONS Martin Kjærsgaard Nielsen Head of Media Relations, Corporate Communications +45 5077 5271 mnie@pandora.net
Brian Granberg Investor Relations Officer +45 7219 5344 brgr@pandora.net

ABOUT PANDORA
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 7,700 points of sale, including more than 2,300 concept stores. 

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs around 23,800 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 2016, PANDORA's total revenue was DKK 20.3 billion (approximately EUR 2.7 billion).