The company added 336 concept stores.
Pandora reported revenue of 20.28 billion Danish krones (US $2.91 billion) for 2016, up 21 percent from 2015.
The figure was in line with guidance Pandora had provided earlier.
About 50 percent of the revenue increase was driven by growth in stores open for more than 12 months, and 50 percent was driven by expansion of the network, the company said.
Net profit in 2016 was DKK 6.03 billon (US $865.92 million), compared with DKK 3.67 billion (US $527.41 million) in 2015.
Pandora’s number of concept stores increased to 2,138 from 1,802. Meanwhile, its total number of points of sale decreased to 8,131 from 9,271.
Pandora noted that in the last 12 months it has added net 336 concept stores to its global store network, including a net total of 124 new Pandora-owned concept stores.
Anders Colding Friis, CEO of Pandora, stated: “2016 was another great year for Pandora, where we significantly improved our global branded presence. We delivered as promised and reached a number of milestones including more than DKK 20 billion in revenue and opening our concept store number 2,000. Cash flow generation continued to be solid, and we propose to almost triple the total dividends in 2017 to DKK 36 per share. This is of course a token of our strong belief in the business, but also to align our cash return with our shareholders’ preferences.”
Pandora said it expects to add more than 275 new concept stores in 2017.
Read the full earnings report.