Phu Nhuan Jewellery JSC (PNJ), Vietnam's largest jewelry retailer, reported a decline in revenue and profit in January year-on-year, but its profit in the month was the highest since March 2023.
The company, listed on the Ho Chi Minh Stock Exchange as PNJ, recorded net revenue of VND3,829 billion ($156 million) and profit after tax of VND245 billion ($10.43 million) in the first month of the year, down 7.3% and 18.6%, respectively, from the previous year.
This translated to a net profit of about $8 billion (325,000) every day in January. This year, the Lunar New Year and God of Wealth celebrations took place in February while 2023's two above celebrations fell in January.
According to a PNJ representative, retail jewelry revenue in January accounted for 52.1% of its total revenue and declined by 6.2% year-on-year. Its wholesale jewelry revenue climbed by 32.6% and contributed 10.5% due to higher orders in preparation for the Lunar New Year.
24K gold revenue fell by 15.6% within the same period. The retail segment for jewelry and 24k gold both fell due to this year's two key holidays falling in February.
However, the profit generated in January was the largest since March 2023, and it rose for the fifth consecutive month.
To attain these goals, PNJ consistently expands its market share, acquires new clients, implements product diversification plans, and enhances customer approach techniques. Furthermore, PNJ is working to improve customer experience so that it can better serve customers and increase brand loyalty.
During this year's Lunar New Year, the company introduced the Kim Bao Nhu Y jewelry collection, the PNJ Art Kim Long Phi Van gift with a golden dragon reaching for the heavens, and the Tieu Loc Dai Phat tiny gold product line.
For God of Wealth Day, the firm introduced the Long Dao Kim Nien collection, which includes a set of six pieces representing the best wishes in terms of finance, fame, career, health, safety and peace.
As of end-January, the company had 402 stores, two more than at the start of the year. These included 393 PNJ stores, five Style by PNJ stores, three CAO Fine Jewelry stores, and one wholesale business center.
PNJ's stock price on Thursday stood at VND89,600 ($3.64) per share.