50• FINANCIAL REVIEW
PANDORAANNUAL REPORT2014
Growth in
local currency
Concept stores
inAmericas
20.6%
414
STORENETWORK,
NUMBEROF POINTSOF SALE
2014
2013 Growth
Concept stores
414
332
82
- hereof PANDORA owned
51
5
46
Shop-in-shops
683
572
111
- hereof PANDORAowned
2
-
2
Gold
881
849
32
Branded
1,978
1,753
225
Branded as%of total
58.5% 54.2%
Silver
1,094
1,056
38
White and travel retail
308
426
-118
Total PoS
3,380
3,235
145
GROWTH IN
LIKE-FOR-LIKE SALES-OUT
1
Q4 2014 Q32014 Q22014 Q1 2014 Q4 2013
vs.
vs.
vs.
vs.
vs.
Q4 2013 Q32013 Q2 2013 Q1 2013 Q4 2012
US 4.7% 3.7% 1.7% 8.5% 5.1%
1
Concept stores that have been open formore than 12months
AMERICAS
Revenue in theAmericas, constituting 41.5% of total
Group revenue, was up 19.3% toDKK 4,959million in
2014 fromDKK 4,156million in 2013. Excluding foreign
exchange ratemovements, the underlying revenue increase
was 20.6% comparedwith 2013.The increasewas driven
equally by theUS andOtherAmericas, which benefited
from the inclusion of Brazil in the region from 1 January
2014, addingDKK171million to revenue.TheDisney
collectionwas launched inNorthAmerica inNovember,
andhas been verywell received.
Revenue in theUS, constituting 30.4% of total Group
revenue, was up13.4% comparedwith2013.The growth in
local currencywas 13.0%. Growthwas primarily drivenby
increasing demand for PANDORA’s newer products, aswell
as an improved store network.The focus onRings in theUS
supported growth, with revenue from this category having
more than tripled comparedwith 2013. During 2014, 38
new concept storeswere opened in theUS, bringing the
total number of concept stores to 315. In September 2014,
PANDORApurchased a net total of 22 concept stores in the
US from former franchiseeHannoush as part of a process
to refresh the store network.The impact of converting
wholesale revenue to retail revenue added aroundDKK 50
million to revenue in theUS.
As in 2013, PANDORA experiencedpositive like-for-
like sales-out of US concept stores throughout 2014.The
strong sales-out performancewas based on strong sales-
through for newly launchedproducts.
Revenue fromOtherAmericaswasDKK 1,330million,
an increase of 39.3% comparedwith2013.The strong
development in theCanadianmarket continued in 2014
with revenue growth of 22% comparedwith 2013. Revenue
inCanada now accounts formore than60% of revenue in
OtherAmericas.
The number of branded stores inAmericas increased by
225 to a total of 1,978 stores during 2014. By the end of
the year, branded stores accounted for 58.5% of the total
number of stores comparedwith 54.2% at the end of 2013.
