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Årets forventninger
In 2017, PANDORA will continue to drive growth in existing stores, and expand the store network in newer as well as in more developed markets. Revenue is expected to be in the range of DKK 23-24 billion, with existing stores expected to contribute roughly half of the growth, and expansion of the store network contributing the remaining half.
PANDORA currently expects only single digit revenue growth in the first quarter of 2017, due to timing of shipments and a very strong performance in the first quarter of 2016. Assuming current exchange rates, PANDORA expects a full year tailwind effect from currencies on revenue of around 1 percentage point compared with 2016.
The EBITDA margin in 2017 is expected to be around 38%. For 2017, the EBITDA margin is anticipated to be negatively impacted by around 0-1 percentage points from higher commodity prices. Furthermore, assuming current exchange rates, PANDORA expects a full year headwind effect from currencies on the EBITDA margin of around 1 percentage point compared with 2016.
The EBITDA margin is expected to be significantly lower in the first half of 2017 compared to the second half. (Fremhævet af Red) CAPEX for the year is expected to be around 5% of revenue. The expected level of investments includes expansion of the crafting facilities in Thailand, investments in PANDORA’s distribution network, as well as IT investments.
The effective tax rate for 2017 is expected to be around 21%, unchanged compared to 2016. In 2017, PANDORA plans to continue to expand the store network and expects to add more than 275 new concept stores during the year of which roughly 50% are expected to be opened in EMEA, 25% in Americas and 25% in Asia Pacific.
PANDORA expects around half of the concept store openings to be PANDORA owned stores, which is in line with the Company’s intentions to increase the owned and operated retail footprint. Expectations are based on the foreign exchange rates at the day of announcement.
EVENTS AFTER THE REPORTING PERIOD On 27 January 2017, PANDORA signed a letter of intent with Pan India Charms & Jewellery Private Limited (Pan India) about distribution of PANDORA jewellery in India. Under the terms of the distribution agreement, Pan India will be granted exclusive distribution rights for PANDORA jewellery in India, in which PANDORA currently has no distribution.
The agreement is subject to certain conditions to be fulfilled. Through its distribution partner, PANDORA will establish branded sales distribution focusing on concept stores and shop-in-shops, initially in Delhi, Mumbai and Bangalore, consistent with PANDORA’s overall strategy to focus on expanding the global branded network.
The initial expectation is to open around 50 concept stores in India over a three year period, with around five stores expected to be opened in 2017. The first opening is planned for the first quarter of 2017
