Jewellery chain PNJ retail sales up significantly in first 9 months

October 26, 2020 - 19:05

Phú Nhuận Jewelry JSC achieved pre-tax profit of VNĐ642 billion (US$27.6 million) on net revenues of VNĐ11.7 trillion ($504.2 million) in the first nine months of the year.

A PNJ store in HCM City. The company reports a significant increase in retail sales in the first 9 months. — Photo courtesy of PNJ

HCM CITY — Phú Nhuận Jewelry JSC achieved a pre-tax profit of VNĐ642 billion (US$27.6 million) on net revenues of VNĐ11.7 trillion ($504.2 million) in the first nine months of the year.

The retail segment continued to be a growth driver in the third quarter, with its sales rising by 9.5 per year-on-year and accounting for 55.7 per cent of total revenues.

Gold bullion sales increased by 19.1 per cent in Q3.

Wholesale revenues decreased significantly.

The company said comprehensive optimisation of its retail network helped it achieve positive growth in retail sales through the year has otherwise been made tough by the COVID-19 pandemic.

Lê Trí Thông, its CEO, said PNJ is optimising revenues at each point of sale. The company plans to close stores that are not doing well, mainly those selling silver jewellery and inside shopping malls, and expand independent outlets at prime locations, he said.

Last week the company opened the first PNJ Next store and PNJ Centre in Bình Dương Province.

It has opened 24 of the 31 new stores it plans to open this year and upgraded eight gold jewellery outlets. — VNS

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