News Details


May 15, 2018

In line with previously communicated expectations, PANDORA reports revenue growth in local currency of 6% for Q1 2018. EBITDA margin for the quarter was 32.6%. Revenue growth was mainly driven by EMEA as Asia Pacific experienced a slowdown mainly due to lower growth in China. A commercial plan to strengthen the Chinese business is being implemented.


PANDORA made good progress on the strategy presented at the Capital Markets Day in January 2018, with a focus on product innovation, agile manufacturing, digitalising the brand experience and enhancing the omni-channel retail offer. This included the launch of the PANDORA Shine collection in March as well as installing plating lines at the crafting facilities in Thailand.  




  • Group revenue in Q1 2018 decreased by 1% (6% increase in local currency) to DKK 5,115 million, which is in line with PANDORA's earlier communicated expectations of local currency growth slightly below full year guidance of 7-10%
    • Revenue from PANDORA owned retail increased 32% (40% increase in local currency) and represented 51% of Group revenue
      • Like-for-like sales-out growth for PANDORA owned concept stores was 0%
    • Revenue from EMEA increased 15% (16% increase in local currency)
    • Revenue from Americas decreased 16% (4% decrease in local currency)
      • Like-for-like sales-out growth in the US was 9%
    • Revenue in Asia Pacific decreased 9% (1% increase in local currency)
  • Gross margin was 75.8% in Q1 2018 (Q1 2017: 73.3%)
  • EBITDA was DKK 1,667 million in Q1 2018 (Q1 2017: DKK 1,879 million), corresponding to an EBITDA margin of 32.6% (Q1 2017: 36.4%)
  • Free cash flow was DKK 439 million in Q1 2018 (Q1 2017: DKK 1,182 million)
  • In Q1 2018, PANDORA returned DKK 1,220 million to shareholders through ordinary dividend of DKK 9 per share (DKK 987 million) and share buyback of DKK 233 million
  • Financial guidance for 2018 is unchanged.


Commenting on the results, Anders Colding Friis, CEO of PANDORA, said:
"We have good momentum on our strategy towards 2022. Revenue from owned retail grew 32% and now represents more than 50% of the Group revenue, providing us with greater control over the brand. We are also pleased with the positive reception of our new Spring collection, including PANDORA Shine. As anticipated, sales growth has started at a moderate pace, and is expected to improve as we gradually introduce more newness in our product assortment throughout the year."


A conference call for investors and financial analysts will be held today at 11.00 CEST and can be joined online at 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


14 August 2018                  Interim Report for Q2/H1 2018
21 August 2018                  Ex dividend date
23 August 2018                  Payment date
6 November 2018            Interim Report for Q3/9M 2018


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 more than 7,700 points of sale, including more than 2,400 concept stores.


Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 25,300 people worldwide of whom around 13,000 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA's total revenue was DKK 22.8 billion (approximately EUR 3.1 billion).


For more information, please contact:


Magnus Thorstholm Jensen
Vice President, Head of Investor Relations
+45 7219 5739
Mads Twomey-Madsen
Vice President, Corporate Communications & Sustainability
+45 2510 0403

Christian Møller
Investor Relations Officer
+45 7219 5361