Phu Nhuan Jewelry Joint Stock Company (PNJ-HOSE) has just announced its business results for the first ten months of 2024.
Specifically, in the first ten months of 2024, PNJ recorded net revenue of VND 32,371 billion, up 22.7% over the same period, and after-tax profit of VND 1,600 billion, up 4.4% over the same period.
Thus, with the 2024 business plan for revenue of VND 37,148 billion and profit of VND 2,089 billion, PNJ has completed 87.1% of the revenue plan and 76.6% of the profit plan.
PNJ provided specific information on the business performance of each channel:
– Retail jewelry revenue in the first ten months of 2024 increased by 16.5% over the same period, mainly due to the expansion of the store network and improvement of service quality; the launch of many new products and collections that responded well to market trends and were well received by customers; effective marketing strategies and sales programs; and successful exploitation of customer segments, attracting new customers and increasing the rate of returning customers.
– Wholesale jewelry revenue in the first ten months of 2024 increased by 32.7% over the same period due to a shift in wholesale customer demand towards regular and transparent manufacturers.
– 24K gold revenue in the first ten months of 2024 increased by 33.9% over the same period, mainly due to the market’s vibrancy in the first half of the year.
According to PNJ, the average gross profit margin in the first ten months of 2024 was 16.9%, down from 18.5% in the same period last year. In the context of a volatile market, the average gross profit margin was maintained at a fairly good level due to factors such as stable profit margins from retail and wholesale channels; effective implementation of measures to optimize resources and improve production capacity, thereby reducing the impact of increased proportion of 24K gold in revenue structure, increased material costs, and inventory handling in preparation for the next phase.
As of the end of October, PNJ owned a system of 421 stores nationwide, an increase of 3 locations compared to the previous month. In total, the company has opened 32 new stores and closed 11 other sales points since the beginning of the year – including 412 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores, and 1 wholesale business center.
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