Phu Nhuan Jewelry (PNJ) has published the business result report for Q1/2024 with net revenue reaching to VND 12,594 billion, increasing by nearly 29% compared to the same period last year and also setting a record in the history of the business’s operation.
Profit after tax reached VND 738 billion, slightly decreased by 1.4% compared to the record of VND 749 billion in Q1 last year, however, it increased by 17% compared to Q4/2023 and made it the second consecutive quarter which the profit increased. In this way, on average, PNJ earned about VND 8 billion/ day in the first 3 months of 2024.
In terms of each business channel, in Q1/2024, retail jewelry revenue increased by 12.1% compared to the same period. The company announced that this achievement was made because of the effort in launching many new collections which are suitable for customer’s taste, implementing many efficient marketing campaigns and sales programs. These programs attracted many new customers and increased the rate of old customers coming back.
Wholesale jewelry revenue recorded an increase of 7.5% compared to the same period because PNJ met the increasing demands in ordering from wholesale customers.
Most notably, 24K gold (9999) revenue in Q1/2024 increased by 66.3% compared to the same period because of the active trading of 24K gold and PNJ also attracted many new clients buying the company’s Tai Loc and 24K products.
The average gross profit margin in Q1 2024 reached 17.1%, decreased from 19.4% in the same period in 2023 because of the changes in sales structure, fluctuation in material price and other input factors. The total cost of operation in Q1 2024 increased by nearly 29% due to the increase in sales cost which is in step with the revenue. The rate of SG&A/LNG in Q1 increased from 49.2% to 56.0%.
As of March 31st, 2024, the total number of PNJ’s stores is 401 located in 55/63 provinces, the company says that they opened 3 new PNJ stores and closed 2 stores. The structure includes 392 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewelley stores and 1 Wholesale Business Center.
