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64 • FINANCIAL REVIEW
PANDORA ANNUAL REPORT 2016
Growth in
local currency
Concept stores
in EMEA
33%
1,206
STORE NETWORK,
NUMBER OF POINTS OF SALE
2016 2015 Growth
Concept stores
1,206 1,033
173
- hereof PANDORA owned
341
298
43
- hereof 3
rd
party distributors
496
425
71
Shop-in-shops
908
791
117
- hereof PANDORA owned
80
85
-5
- hereof 3
rd
party distributors
366
322
44
Multibranded
2,853 3,710 -857
- hereof 3
rd
party distributors
1,020 1,184 -164
Total points of sale
4,967 5,534 -567
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
EMEA
4% 5% 10% 11% 13%
1
Concept stores (excluding eSTOREs) that have been operating for
more than 12 months
EMEA
Revenue in EMEA, constituting 47% of Group revenue, was
DKK 9,556 million, corresponding to an increase of 27% (or
33% in local currency) compared with DKK 7,548 million
in 2015. The increase was driven by a positive revenue
development in all major markets in the region.
Like-for-like sales growth in concept stores (excluding
eSTOREs) in EMEA was positive in all four quarters of the
year, driven primarily by a positive development in the UK,
France, Italy and Germany, partially offset by a negative
development in the Russian market.
The UK remains PANDORA’s largest market in Europe,
accounting for 28% of revenue from EMEA. Revenue
in the UK was DKK 2,704 million, corresponding to an
increase of 9% (or 25% in local currency) compared with
2015. Growth in the UK was driven by a positive sales-out
performance, as well as the expansion of the store network,
including net 33 new concept stores opened in 2016,
taking the total number of concept stores to 228.
Revenue in Italy, representing around 20% of revenue
from EMEA, increased 54% compared with 2015. The
development was primarily driven by a strong performance
in the existing store network, supported by the addition of
net 23 concept stores to a total of 75 at the end of 2016.
Revenue in France represented around 10% of revenue
from EMEA and increased by 59% compared with 2015,
the increase was primarily driven by a strong like-for-like
performance in concept stores.
Revenue in Germany, which represented around 10%
of revenue from EMEA, increased by 17% compared with
2015. The growth was driven by positive like-for-like growth
in all four quarters of the year, supported by the improved
store network.
During 2016, the number of branded stores in EMEA
increased by net 290 to a total of 2,114 branded stores,
while the number of multibranded stores was reduced by
net 857 to a total of 2,853 stores.