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FINANCIAL REVIEW • 65
STORE NETWORK,
NUMBER OF POINTS OF SALE
2016 2015 Growth
Concept stores
344
268
76
- hereof PANDORA owned
159
97
62
- hereof 3
rd
party distributors
68
74
-6
Shop-in-shops
223
202
21
- hereof PANDORA owned
31
31
-
- hereof 3
rd
party distributors
95
92
3
Multibranded
232
247
-15
- hereof 3
rd
party distributors
-
-
-
Total points of sale
799
717
82
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
Asia Pacific
9% 7% 16% 21% 26%
1
Concept stores (excluding eSTOREs) that have been operating for
more than 12 months
Concept stores
in Asia Pacific
344
Revenue in Asia Pacific was DKK 3,873 million, constituting
19% of Group revenue compared with 16% in 2015, and
corresponding to an increase of 46% (or 48% in local
currency) compared with DKK 2,652 million in 2015.
Growth was driven primarily by a positive development in
Australia and China.
Like-for-like sales growth in concept stores (excluding
eSTOREs) in Asia Pacific was positive in all four quarters of
the year, driven primarily by a positive development in the
China and Australia, partially offset by negative like-for-like
sales growth in Hong Kong.
Revenue in Australia, constituting around 40% of
revenue from Asia Pacific, increased by 37% compared
with 2015 (or 37% in local currency). The growth in
Australia primarily reflected continued strong sales-out
growth, as well as an expansion of the branded store
network.
Revenue from China, constituting around 25% of
revenue from Asia Pacific, increased by 175% compared
with 2015. The increase was driven by strong like-for-like
growth throughout the year, as well as the addition of
net 44 new concept stores during the year. Furthermore,
revenue in China was impacted by the conversion of
distributor revenue to retail revenue following the new
and improved partnership in China from 1 July 2015,
which added around DKK 140 million to revenue in 2016
compared with 2015.
Revenue in Hong Kong increased by 3% (or 3% in
local currency), primarily driven by the addition of net 4
new concept stores in 2016, taking the total number of
concept stores in Hong Kong to 29. Revenue from Hong
Kong represented around 13% of revenue from Asia Pacific.
During 2016, a total of net 76 concept stores were
opened in Asia Pacific. The total distribution network
increased by 82 points of sales to a total of 799 at the end
of 2016.
Growth in
local currency
ASIA PACIFIC
48%