Jewellery company Pandora reported that Group revenue for 2017 stood at DKK 22,781 million  as against revenue of DKK 20,281 million earned in 2016; thus registering a growth of 12% (15% in local currency).

While revenue from Company-owned retail increased 42% (46% in local currency), like-for-like sales-out growth for Pandora-owned concept stores stood at  11%.

In terms of regions, revenue from EMEA (Europe, Middle-East and Africa) was up 13% (15% in local currency); revenue from the Americas increased 4% (6% in local currency) – though the US registered a 15% like-for-like sales-out growth; and revenue from  Asia Pacific increased 25% (28% in local currency).

In terms of product category, revenue from Charms increased by 8% and revenue from Bracelets increased 8%. 

The Company noted that full jewellery brand development “remains on track”  with combined revenue from Rings, Earrings and Necklaces & Pendants increasing by 28%. “The three categories represented 26% of Group revenue compared with 23% in 2016,” Pandora announced.

The  gross margin in 2017 was 74.5%  as compared to 75.1% in 2016. Pandora’s EBITDA in 2017 stood at DKK 8,505 million as compared with DKK 7,922 million in 2016; corresponding to an EBITDA margin of 37.3% which in 2016 was 39.1%.

The Company recorded a free cash flow of  DKK 5,294 million in 2017 as compared to DKK 5,358 million in the previous year.

“The Board proposes to return DKK 2.0 billion in dividend in 2018, including an ordinary dividend of DKK 9 per share and a bi-annual dividend of DKK 9 per share,” Pandora stated.

The Company also announced its intention to initiate a share buyback programme to a maximum consideration of DKK 4.0 billion.

“For 2018, PANDORA expects to increase revenue by 7-10% in local currency and has an EBITDA margin of approximately 35%,” the Company said.

Anders Colding Friis, CEO of PANDORA, commented: “2017 was a challenging and eventful year for PANDORA. We increased revenue by 15% in local currency, driven by a strong performance from PANDORA owned retail, and double-digit growth in local currency across all product categories. The results enable us to return DKK 6 billion to our shareholders. Looking ahead, as outlined at our Capital Markets Day in January, we have a clear strategy to utilise our fully integrated value chain to capitalise on the growth opportunities. We are confident this strategy will deliver continued growth and strong profitability in 2018 and the years to come.”

In 2017, Pandora paid out an ordinary dividend of DKK 9 per share, corresponding to DKK 1.0 billion in total. Additionally, three quarterly dividends of DKK 9 per share were paid out for the first three quarters of 2017. In total, Pandora paid out DKK 36 per share (DKK 4.0 billion) in 2017.

For 2018, Pandora’s Board of Directors has decided to increase the total cash return to shareholders to DKK 6.0 billion, the Company announced.