PNJ Recorded Strong Revenue Recovery

23/10/2022 10:19 English Diep Nguyen

In 9 months, net revenue and NPAT on PNJ was at bn VND 25,574 (+ 104.4 % YoY) and bn VND 1,340 bn (+ 132.7 % YoY) respectively.

In the context of the retail market recovering, in 3Q2022, PNJ recorded net revenue of bn VND 7,364 (+739.7% YoY) and NPAT of bn VND 252 compared to bn VND -160 in the same period of 2021 (Q3/2021: PNJ closed 241/332 stores due to regulations on Covid-19 prevention).

In 9 months, net revenue and NPAT was at bn VND 25,574 (+ 104.4 % YoY) and bn VND 1,340 bn (+ 132.7 % YoY) respectively.

In terms of revenue growth by channel: YTD Retail sales increased by 113.3% YoY from growth in all brands and areas, making the most of the market, and customization and effectiveness of sale programs in 3Q2022 in accordance with the market context.

YTD Wholesale sales increased by 84.7 % YoY due to the low base of 2021 (wholesale business in the 3Q2021 was impacted by the 4 th wave of COVID), the recovery of the jewelry market in 2022, and the broad development of wholesale customers and products.

YTD 24K Gold sales increased by 104.2 % YoY due to changes in investment trends and customer needs amid high inflationary pressures and geopolitical instability.

Blended gross profit margin in 9 months was at 17.4% compared to 18.5% in 2021, mainly due to changes in the retail product mix. Total operating expenses in 9 months increased by 73.4 % YoY. The total operating expense/gross profit ratio decreased from 65.9% in 2021 to 59.4% in 2022.

The improvement in expense utilization is thanks to operation efficiency achieved through new technology in sales and management.

Regarding store network, in 9 months, PNJ opened 21 and upgraded 19 PNJ gold; opened 2 Style by PNJ; opened 2 PNJ Watch; closed 6 PNJ Gold and 6 PNJ Silver.

In 9 months, the PNJ store network consisted of 354 stores including 334 PNJ Gold, 8 PNJ Silver, 3 CAO Fine Jewelry, 4 Style by PNJ, and 2 PNJ Watch and 3 PNJ Art.

Tags:

PNJ