FINANCIAL REVIEW• 51
Growth in
local currency
Concept stores
in Europe
38.8%
786
STORENETWORK,
NUMBEROF POINTSOF SALE
2014
2013 Growth
Concept stores
786
602
184
- hereof PANDORA owned
169
115
54
Shop-in-shops
677
628
49
- hereof PANDORA owned
68
60
8
Gold
1,380
1,332
48
Branded
2,843
2,562
281
Branded as%of total
48.6% 39.9%
Silver
1,577
2,058
-481
White and travel retail
1,431
1,794
-363
Total PoS
5,851
6,414
-563
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
UK 20.6% 20.6% 26.2% 27.9% 17.9%
GER 2.3% 8.5% 10.0% 11.5% 5.7%
1
Concept stores that have been open formore than12months
EUROPE
Revenue in Europe, constituting 44.4%of total Group
revenue, wasDKK 5,304million corresponding to an
increase of 41.1% or 38.8% in local currency.
TheUK is PANDORA’s largest singlemarket inEurope,
accounting for 13.9%ofGroup revenuecomparedwith
12.9% in2013. Revenue in theUKwasDKK1,654million,
up42.8%or 36.1% in local currencycomparedwith2013.
Growth in theUKwas primarilydrivenbypositive sales-
out development, expansionof the storenetworkand the
continued success of theUKeSTORE.
PANDORAexperiencedpositive like-for-like sales-out
ofUKconcept stores throughout 2014.The strong sales-out
performancewas drivenbynewness in theoverall product
assortment drivinga significant increase in transactions aswell
as focus on theRings category.
Germanyaccounts for 4.8%of 2014Group revenue,
comparedwith6.0% in2013. Revenue inGermanywasDKK
578millionand increasedby6.3% in2014comparedwith
2013.
PANDORA experiencedpositive like-for-like sales-out
of German concept stores throughout 2014, driven by
strong performance by PANDORA’s owned and operated
stores. As part of its ongoing efforts to improve its store
network, PANDORAopened 22owned and operated
concept stores inGermany in2014.
At the endof 2014, PANDORAowned andoperated stores
made up61 of the 84 concept stores inGermany.
Revenue inOther EuropewasDKK3,072million, up
49.3%on2013.Themaindrivers of growthwere Italy,
FranceandRussia.Growth in thesecountrieswas drivenby
expansionof the storenetworkandcontinuedhigh like-for-
likegrowth.However, growth inRussia sloweddown inQ4.
Revenue for the threenewmarkets constitutedaround60%of
revenue fromOther Europe in2014.
During2014, thenumber of branded stores inEurope
increasedby281 toa total of 2,843 stores, in linewith
PANDORA’s overall strategy to increasebranded sales.The
shareof branded stores increasedcomparedwith2013,
accounting for 48.6%of the total number of stores by theend
of 2014comparedwith39.9% in2013.
The total number of stores inEuropedecreasedby563 to
a total of 5,851 in2014due to theclosingof 844unprofitable
unbranded stores.
At theendof 2014, PANDORAhadeSTOREs in seven
Europeancountries.
