Wholesale revenue decreased by 27%, PNJ still made a profit of nearly 1,000 billion VND

The business report for the first 5 months of 2023 of Phu Nhuan Jewelry Joint Stock Company (PNJ) shows that in May alone, this enterprise recorded net revenue of VND 2,223 billion and after-tax profit of VND 111 billion, approximately equal to April 2023.

At the end of the first 5 months of the year, PNJ's net revenue reached 14,281 billion VND, profit after tax reached 970 billion VND. Thus, PNJ has completed 50.1% of the annual profit plan in the context of many difficulties in the jewelry market.

PNJ earned a profit of VND970 billion in the first 5 months of the year, despite the "headwinds" of the jewelry market. (Photo: Dai Viet)

PNJ representative said that with the general decline in market purchasing power, the retail jewelry revenue of this unit in the first 5 months of the year decreased by 8.7% compared to the same period in 2022. However, by continuously introducing new business strategies and market approaches, PNJ still maintained its market share and controlled the decrease lower than the general market.

In addition, due to a decrease in domestic jewelry purchasing power and orders from corporate customers, PNJ's wholesale revenue in the first 5 months of the year decreased by 27% compared to the same period in 2022. However, the bright spot is that PNJ continues to grow in the number of new customers. 24K gold revenue in the first 5 months of the year only decreased slightly by 1.4% compared to the same period.

In addition, the average gross profit margin in the first 5 months of 2023 reached 19% compared to 17.8% in the same period thanks to changes in the sales structure. Total operating expenses in the past 5 months increased by 2.1% over the same period, the operating expense/gross profit ratio increased from 51.7% (in 2022) to 54.1% due to higher price levels due to the impact of inflation.

As of the end of May 2023, the PNJ system has 376 independent stores including 355 PNJ Gold stores, 7 PNJ Silver stores, 3 CAO Fine Jewellery stores, 5 Style by PNJ stores...

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Source: https://vtc.vn/doanh-thu-ban-si-giam-27-pnj-van-lai-gan-1-000-ty-dong-ar801047.html