Phu Nhuan Jewelry's 4-month net income jumps over 95%

Xuan Thinh Thursday | 05/20/2021 10:20

Photo: PNJ

Vietnam’s leading jewelry retailer reported Jan.-April net income at VND598 billion ($26 million), representing 48.6 percent of the 2021 whole-year goal, according to the company’s statement.

In the reported period, Phu Nhuan Jewelry (HoSE: PNJ) reported VND9,033 billion ($392 million) in net revenue, up 64% from a year ago.

In April alone, PNJ reported VND85 billion ($3.7 million) net income from VND1,852 billion in revenue, an increase of 183% and 269% respectively. Retail channel contributed 61.5% of overall revenue.

Revenue from the wholesale channel recorded a strong recovery and increased by nearly 383% over the same period, contributing more than 17% to the revenue structure compared to 13.3% in April 2020.

Restructuring activities to optimize inventory and reduce production costs contributed significantly to the increase in gross profit margin in April by 5.8% over the same period, reaching 18.3%. In April, PNJ opened 2 new stores, raising the total store number of its retail network to 340.

► Phu Nhuan Jewelry’s 1Q after-tax profit at $22.2 mln, up 26%

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