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PNJ: Net sales in January 2023 increased by 18.8% yoy 

 Thursday, March 9,2023

AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ - HOSE) has just announced its business results in January 2023 with net revenue of VND4,129 billion, up 18.8% over the same period; profit after tax reached VND302 billion, up 11.8%.

Explaining the above positive financial data, a representative of PNJ said that in the retail channel, the revenue is approximately 2022 (down 1.7% over the same period), while the whole store system is only operating 27 days on average compared to 31 days in 2022 (down 13%) because of the Lunar New Year holiday.
Revenue from 24K gold in January 2023 increased sharply by 96.9% over the same period due to customers' demand for shopping on the Day of Than Tai - PNJ continued to set a record in terms of sales and number of products sold on this occasion.
Besides, gross profit margin in January reached 18.2% compared to 18.7% in the same period due to the change in sales structure during the occasion of the Than Tai. Total operating expenses increased by 21% yoy, operating expenses/gross profit ratio increased from 45.5% in January 2022 to 47.5% in January 2023 due to cyclical nature Tet expenses and higher prices due to inflation.
In addition, PNJ has launched many sales programs to attract target customers such as: The Than Tai program attracts many participants to the “Challenge of Fortune”. In particular, for each turn of fortune shakers, customers contributed VND5,000 to charity activities to help PNJ spread human values and support the lives of many disadvantaged people in society.
In order to meet the market demand for the New Year, PNJ Gold also launched the Than Tai 2023 collection with luxurious, sophisticated and diverse designs, gold product lines to meet the needs of diverse customers. Each product is carefully cared for by jewelers from the inside out, and at the same time, they wish that the god of fortune will bring customers luck, happiness and prosperity.
By the end of January 2023, the PNJ system had 365 stores in 55/63 provinces. In which, there are 344 PNJ Gold stores, 7 PNJ Silver stores, 3 CAO Fine Jewelery stores, 5 Style by PNJ stores and 3 PNJ Watch stores and 3 PNJ Art stores.
Source: VITIC/Tinnhanhchungkhoan


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