Phu Nhuan Jewelry Reveals 36.9% Revenue Growth and Expands Its Reach with 405 Stores in Vietnam

Phu Nhuan Jewelry Joint Stock Company (PNJ) announced its net revenue for the first five months of 2024 reached 19,546 billion VND, with a profit after tax of 1,051 billion VND. The company shared its business performance for the period ending May 2024 on June 20, revealing a 36.9% increase in net revenue and an 8.5% rise in profits compared to the same period the previous year.

PNJ attributed this growth to synchronized business activities across its different channels. Retail jewelry revenue saw a 12.8% increase during the first five months of 2024, driven by a flexible strategy and the continuous introduction of new collections tailored to customer preferences. Wholesale jewelry revenue for the same period experienced a 16.4% growth compared to 2023. Despite these strong performances, PNJ noted that the average gross profit margin decreased to 16.5% in the first five months of 2024, down from 19% in the same period in 2023, mainly due to changes in revenue structure across business segments.

Fortune magazine included PNJ in its list of the top 500 largest companies in Southeast Asia based on revenue in fiscal year 2023, marking the first appearance of the company on this prestigious ranking. In response to these challenges, PNJ emphasized optimizing resources and enhancing operational efficiency to maintain positive average gross profit margins. The company remains focused on increasing the number of new customers and cultivating loyalty among existing customers as it operates over 405 stores nationwide as of May