Phu Nhuan Jewelry Joint Stock Company ( PNJ ) announced the May IR newsletter with accumulated net revenue of VND 15,583 billion, up 47% over the same period last year.
The accumulated profit after tax in the first 5 months of the year was 1,006 billion VND, up 47% over the same period.
Thus, in the first 5 months of the year, the company has completed more than 60% of the annual revenue plan and more than 76% of the year profit plan.
Currently, retail and gold bars account for 58% and 29% of the company’s total revenue, respectively. These are also the two segments that bring the main revenue growth drivers for PNJ, with growth rates of 51.3% and 59.4% respectively.
Source: PNJ
Explaining this growth, the report shows that in the retail segment, business units achieved good results, high growth over the same period and exceeded the plan, brands recorded impressive growth, especially Especially Style by PNJ and Disney, retail marketing and branding activities bring good results.
By the end of May 2022, the PNJ system has 346 independent stores, including 327 PNJ Gold, 9 PNJ Silver (+288 Shop-in-Shop), 3 CAO Fine Jewelery (+9 SiS), 3 PNJ Style (+9 SiS). +24 SiS), 1 PNJ Watch (+86 SiS) and 3 PNJ Art.
Source: PNJ
In 5 months, PNJ system opened 12 new stores (11 PNJ Gold and 1 Style by PNJ), closed 8 stores (3 PNJ Gold and 5 PNJ Silver) and upgraded 10 stores.
Previously, during the 2022 annual general meeting of shareholders taking place on April 16, the company set a goal of opening 35-40 more stores this year.
In terms of costs, the 5-month accumulated gross profit margin decreased from 18.4% to 17.8% due to the growth in gold bar revenue and the change in the merchandise structure of the retail channel.
Total accumulated operating expenses in 5 months of 2022 increased by 35.2% over the same period, the ratio of operating expenses/gross profit reached 51.7%, down from 54.2% in the same period of 2021.
Cost efficiency is improved by optimizing operations by applying technology to sales and management.
Source: CafeBiz
Source: Vietnam Insider