FINANCIAL REVIEW• 49
REVENUE BYGEOGRAPHY
30%
US
11%
OtherAmericas
5%
Germany
7%
Australia
7%
OtherAsia Pacific
26%
Other Europe
14%
UK
REVENUE 2014
REVENUE BREAKDOWNBYGEOGRAPHY
Growth
in local
DKKmillion
2014 2013 Growth currency
US
3,629 3,201 13.4% 13.0%
OtherAmericas
1,330
955 39.3% 46.1%
Americas
4,959
4,156
19.3% 20.6%
UK
1,654
1,158
42.8% 36.1%
Germany
578
544
6.3% 6.3%
Other Europe
3,072
2,058
49.3% 48.9%
Europe
5,304
3,760
41.1% 38.8%
Australia
806
681
18.4% 25.6%
OtherAsia Pacific
873
413
111.4% 111.9%
Asia Pacific
1,679
1,094
53.5% 58.1%
Total
11,942
9,010
32.5% 32.7%
Revenue development
Total revenue for 2014wasDKK 11,942million, an
increase of 32.5% or 32.7% in local currency, compared
with 2013. All major regions saw significant revenue
growth.The development was driven by significant
marketing investments, strong retail execution, global
network expansion and increasing share of branded sales
channels.
At the endof 2014, sales return provisions
corresponded to approximately 8% of revenue valuewhich
was unchanged from 2013.
Like-for-like sales-out in concept stores in PANDORA’s
fourmajormarkets (US, UK, Germany andAustralia)
developedpositively in all quarters of 2014.The positive
development was driven by successful new product
launches and generally better execution in stores. About
one third of the concept stores’ sales-out was generatedby
newproducts launchedwithin the last 12months.
TheGroup’s revenue is realised indifferent currencies. A
10% deviation in themain currencies (1% deviation for
EUR) wouldhave affected revenue byDKK 452million for
USD, DKK169million for GBP, DKK84million for CAD,
DKK31million for EUR andDKK 81million forAUD.
Due to the seasonal nature of the jewellery business,
higher revenue is historically realised in the secondhalf of
the year. Refer to company announcement no. 217 for a
review of the development inQ4.
Revenue breakdown by geography
The geographical distribution of revenue in 2014was
41.5% for theAmericas comparedwith 46.1% in 2013,
44.4% for Europe comparedwith41.7% in2013 and
14.1% forAsia Pacific comparedwith 12.1% in 2013.
