Vietnam's largest jewelry retailer PNJ gets 77% of year profit target in 5 months

Phu Nhuan Jewellery JSC (PNJ) has completed 60% of its 2022 revenue target and 77% of the profit goal in the first five months of the year.

The Ho Chi Minh City-based company reported the first five months' net revenue of VND15,583 billion ($670 million) and profit after tax of VND1,006 billion ($43.3 million), up 46.6% and 46.9% over the same period last year.

PNJ said its brands recorded "impressive" growth in the five months, especially Style by PNJ and Disney; and retail marketing and branding activities brought the good results.

In particular, wholesale revenue in the period upped 17.5% and gold bar revenue increased by 59.4% year-on-year in the context of global geopolitical instability and inflationary pressure.

By the end of this May, the PNJ system had 346 independent stores including 327 PNJ Gold stores, nine PNJ Silver stores (+288 Shop-in-Shop), three CAO Fine Jewelry stores (+9 SiS), three PNJ Style stores (+24 SiS), one PNJ Watch Store (+86 SiS), and three PNJ Art stores, according to the firm.

Between January and May, PNJ opened 12 new stores (11 PNJ Gold and one Style by PNJ), closed eight stores (three PNJ Gold and five PNJ Silver), and upgraded 10 stores.