•Group revenue in Q2 2016 was DKK 4,327 million, an increase of 20% (25% increase in local currency), compared with Q2 2015:
•Americas increased by 5% (10% increase in local currency)
•EMEA increased by 28% (32% increase in local currency)
•Asia Pacific increased by 43% (51% increase in local currency)
•Revenue from concept stores increased by 39% and corresponded to 63% of the total revenue
•Concept store like-for-like sales increased 7%, driven by positive growth in EMEA and Asia Pacific, partially offset by -1% in Americas (US like-for-like sales increased 2%)
•The gross margin increased to 75.3% in Q2 2016, compared with 71.5% in Q2 2015
• EBITDA increased by 23% to DKK 1,609 million in Q2 2016, corresponding to an EBITDA margin of 37.2%, compared with 36.4% in Q2 2015
•Net profit for the quarter was DKK 1,221 million, compared with DKK 910 million in Q2 2015
•Free cash flow increased to DKK 576 million in Q2 2016 compared with DKK -268 million in Q2 2015. Q2 2015 was negatively impacted by DKK 642 million relating to a settlement with the Danish tax authorities
•During Q2 2016, PANDORA bought back 1,605,870 own shares at a total value of DKK 1,466 million as part of the ongoing DKK 4.0 billion share buyback programme, corresponding to 1.4% of the total share capital as of end Q2 2016
In connection with the Q2 2016 results Anders Colding Friis, CEO of PANDORA, stated:
"Growth in all regions continued into the second quarter. EMEA and Asia Pacific maintained the strong momentum with double digit revenue growth, driven by positive double digit like-for-like growth and continued improvement of the store network. Americas increased 10% in local currency, driven by 2% like-for-like growth in the US, a strong performance in the US eSTORE and a continued successful concept store roll-out across the region. All regions were supported by our continued focus on product diversification into Rings and Earrings."
CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 10.00 CET and can be joined online at www.pandoragroup.com. The presentation for the call will be available on the website one hour before the call.
The following numbers can be used by investors and analysts:
DK: +45 32 71 16 59
UK (International): +44(0) 20 3427 1903
US: +1 646 254 3388
To participate, please quote confirmation code "PANDORA" when dialling into the conference.
FINANCIAL CALENDAR
1 November 2016 Interim Report for the third quarter of 2016
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through approximately 8,900 points of sale, including more than 1,900 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 17,800 people worldwide of whom approximately 12,000 are located in Gemopolis, Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2015, PANDORA's total revenue was DKK 16.7 billion (approximately EUR 2.2 billion).
CONTACT
For more information, please contact: