Phu Nhuan Jewelry Joint Stock Company (PNJ) recorded strong growth in November, with revenue of 2,839 billion VND and profit after tax of 276 billion VND.
According to business representatives, the above results are positive, especially in the context of strong fluctuations in the jewelry consumption market. In the cumulative 11 months from the beginning of the year, net revenue reached 35,210 billion VND, profit after tax was about 1,876 billion VND, up 19.4% and 8.3% respectively over the same period. Currently, PNJ has implemented nearly 90% of the year’s profit plan.
PNJ focuses on expanding the network and improving service quality. Image: Viet Hung
Units grew steadily across all channels for 11 months. Specifically, retail jewelry revenue increased by 15.9% over the same period thanks to: expanding store network, improving service quality; Optimized product line strategy and structure to meet consumer trends; Deploying diverse marketing activities, increasing user accessibility; Successfully exploit new customer groups, increase the rate of returning customers.
At the same time, in the context of the market tightening control over product origins, manufacturers have advantages and comply well with regulations, contributing to increasing wholesale jewelry revenue in the first 11 months of 2024 by 33.8%. compared to the same period.
PNJ Jewelry. Image: Viet Hung
On the other hand, the average gross profit margin over the past 11 months reached 17.2%, down compared to 2023 (18.3%). Positive results come from many factors including: maintaining stable profit margins from retail and wholesale channels; Improve production capacity, optimize product design and sales policies, thereby meeting the changing needs of the market.
PNJ pioneers the application of new trends to meet changes in consumer behavior in each period, by “tailoring” retail marketing in each segment. From there, the company optimizes the experience and engages with users. “This is an important push for us to reach our yearly target,” the unit representative said.
In addition, the unit also maintains its position as a “leading Lifestyle retailer” by winning many awards: Top 50 most effective business companies in Vietnam 2024; Top 10 listed enterprises with best corporate governance; Top 10 sustainable enterprises in the field of trade and services for 9 consecutive years
PNJ representative (left) received the title of Top 10 best corporate governance in 2024. Photo: Thuy Vinh
As of the end of November, PNJ owned 424 stores nationwide, including 415 PNJ branches, 5 Style by PNJ stores, three CAO Fine Jewelery and one Wholesale Business Center.