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FINANCIAL REVIEW • 63
Growth in
local currency
Concept stores
in Americas
6%
588
STORE NETWORK,
NUMBER OF POINTS OF SALE
2016 2015 Growth
Concept stores
588
501
87
- hereof PANDORA owned
98
79
19
- hereof 3
rd
party distributors
-
-
-
Shop-in-shops
896
681
215
- hereof PANDORA owned
-
-
-
- hereof 3
rd
party distributors
-
-
-
Multibranded
881 1,838 -957
- hereof 3
rd
party distributors
-
-
-
Total points of sale
2,365 3,020 -655
GROWTH IN
LIKE-FOR-LIKE SALES-OUT
1
Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015
vs.
vs.
vs.
vs.
vs.
Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Americas
-3% 0% -1% 2% 7%
1
Concept stores (excluding eSTOREs) that have been operating for
more than 12 months
AMERICAS
Revenue in the Americas, constituting 34% of Group
revenue, was DKK 6,852 million, corresponding
to an increase of 5% (or 6% in local currency) compared
with DKK 6,537 million in 2015. The increase was driven
by continued growth in North America, while revenue
from Latin America decreased due to a difficult business
environment.
Like-for-like sales growth in concept stores (excluding
eSTOREs) in Americas was close to zero for all four quarters
of the year, positively impacted by positive growth in the
US, offset by the negative development in Latin America.
Revenue in the US, constituting 75% of revenue from
Americas, was DKK 5,157 million and increased by 5%
compared with 2015. The growth in local currency was
also 5%. Growth in the US was primarily driven by a strong
development in the US eSTORE opened in April 2015, as
well as an improved store network. During 2016, net 27
new concept stores were opened in the US, bringing the
total number of concept stores to 346. Furthermore, as
part of improving the store network, net 829 multibranded
stores were closed. Of these, more than 200 Jared stores
were upgraded to shop-in-shops, as part of an improved
partnership with US jewellery chain Jared.
Revenue in Canada, constituting 12% of revenue from
Americas, decreased by 4% compared with 2015. The
development was driven by a positive development in the
concept store network, which was more than offset by the
closure of shop-in-shops and multibranded stores during
2016, as part of the effort to improve the store network in
Canada. Furthermore, a PANDORA eSTORE was opened in
Canada in October 2016.
During 2016, the number of branded stores in the
Americas increased by net 302 to a total of 1,484 stores,
while net 957 of PANDORA’s multibranded stores were
closed in the same period.