PANDORA GROWS REVENUE BY 18% AND INCREASES EBITDA MARGIN TO 39.9%

•Full year 2016 EBITDA margin guidance is changed to around 39% (from more than 38%). Revenue guidance is unchanged

•Group revenue in Q3 2016 was DKK 4,612 million, an increase of 18% (21% increase in local currency), compared with Q3 2015:

•Americas increased by 6% (6% increase in local currency)

•EMEA increased by 18% (25% increase in local currency)

•Asia Pacific increased by 46% (47% increase in local currency)

•Revenue from concept stores increased by 26% corresponding to 62% of revenue

•Concept store like-for-like sales growth was 4%, driven by positive growth in EMEA and Asia Pacific, and a flat development in Americas (US like-for-like sales growth was 3%)

•The gross margin increased to 75.1% in Q3 2016, compared with 74.0% in Q3 2015

•EBITDA increased by 27% to DKK 1,842 million in Q3 2016, corresponding to an EBITDA margin of 39.9%, compared with 37.2% in Q3 2015

•Net profit for the quarter was DKK 1,405 million, compared with DKK 1,006 million in Q3 2015

•Free cash flow for the quarter increased to DKK 577 million, compared with DKK 263 million in Q3 2015.

•During Q3 2016, PANDORA bought back 1,478,410 own shares at a total value of DKK 1,238 million as part of the ongoing DKK 4.0 billion share buyback programme, corresponding to 1.3% of the total share capital as of end Q3 2016

In connection with the Q3 2016 results Anders Colding Friis, CEO of PANDORA, stated:
"Following a strong first half of 2016, PANDORA continued the positive momentum into Q3, with strong growth in particularly Southern Europe and Asia Pacific. Additionally, the US continued to deliver solid growth supported by positive like-for-like. The increase was driven by double digit growth across all product categories supported by an attractive and relevant product offering. Finally, we improved profitability and increased the EBITDA-margin to 39.9% driven by operational leverage as well as lower realised commodity prices."

CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 11.00 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) 203 427 1912
US: +1 212 444 0412

To participate, please quote confirmation code "PANDORA" when dialling into the conference.

FINANCIAL CALENDAR
7February 2017 Annual Report 2016
15 March 2017 Annual General Meeting
20 March 2017 Payment of annual dividend
9 May 2017 Interim Report for the first quarter of 2017
8 August 2017 Interim Report for the second quarter of 2017
7 November 2017 Interim Report for the third quarter of 2017

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 9,000 points of sale, including more than 2,000 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 18,000 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
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