FINANCIAL REVIEW• 53
STORENETWORK,
NUMBEROF POINTSOF SALE
2014
2013 Growth
Concept stores
1,410
1,100
310
- hereof PANDORA owned
251
146
105
Shop-in-shops
1,555
1,372
183
- hereof PANDORAowned
70
60
10
Gold
2,400
2,329
71
Branded
5,365
4,801
564
Branded as%of total
54.2% 46.7%
Silver
2,744
3,187
-443
White and travel retail
1,797
2,291
-494
Total PoS
9,906
10,279
-373
REVENUE BREAKDOWNBY
SALESCHANNELS
DKKmillion
2014
2013 Growth
Concept stores
6,741
4,451
51.4%
Shop-in-shops
2,008
1,648
21.8%
Gold
1,471
1,314
11.9%
Total branded
10,220
7,413
37.9%
Silver
791
749
5.6%
White and travel retail
538
575
-6.4%
Total unbranded
1,329
1,324
0.4%
Total direct
11,549
8,737
32.2%
3rd party
393
273
44.0%
Total revenue
11,942
9,010
32.5%
SALES CHANNELS
AND PRODUCTMIX
Direct distribution accounted for 96.7%of revenue in 2014
comparedwith 97.0% in 2013.The increase in distributor
revenue showed growth in all markets, but was primarily
driven by strong performance in Spain.
Branded sales accounted for 88.5% of total direct
sales comparedwith 84.8% in2013. Underperforming
unbranded stores are being closed across all regions in
order to improve the quality of revenue and focus on
branded store performance and, as a consequence, the
number of unbranded points of sale decreasedby 937
stores comparedwith 2013.
Concept stores accounted for 56.4%of total revenue in
2014 comparedwith49.4% in2013 andPANDORAopened
net 310new concept stores and183 shop-in-shops during
2014.The expansionof the storenetwork inPANDORA’s
newmarkets continues, and thenetwork increasedby137
concept stores and53 shop-in-shops in2014.
Revenue from PANDORA’s owned and operated stores,
including all PANDORA eSTOREs, increased83%
compared to last year and corresponded to 17%of Group
revenue comparedwith around 12% in2013.The growth
in retail revenuewas driven by strong in-store execution
resulting inpositive like-for-like growth aswell as the
addition of 115 new owned andoperated stores in 2014 to
a total of 251 concept stores and70 shop-in-shops.
PRODUCTOFFERING
Revenue fromCharmswasDKK 7,933million in 2014,
up 26.1% on 2013, while revenue from Silver and gold
charm bracelets increased by 23.3% comparedwith2013.
The two categories represented78.4%of total revenue in
2014 comparedwith82.7% of total revenue in2013. In
November, theDisney collection - comprising 41Disney
