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PNJ targets opening at least 40 stores this year

Released at: 16:01, 29/01/2018 BUSINESS SPOTLIGHT

PNJ targets opening at least 40 stores this year

Photo from kenh14.vn

Store numbers to exceed 300 by end-April.

by Hai Van

Phu Nhuan Jewelry (PNJ) plans to open at least 40 new stores this year and have 300 by the end of April. The 40 new stores include gold stores or stores combining gold and silver retail.

It has also set a net revenue target of VND14.1 trillion ($619.6 million) for the parent company this year, up 30 per cent, with after-tax profit increasing 22 per cent to VND882 billion ($38.7 million).

PNJ is in the process of preparing for upgrading and modernizing its ERP system, through which it can study customer behavior at outlets and better understand customer choice.

The company also plans to use big data to develop new products aimed at more specific customer groups and at the same time use digital marketing strategies to expand market share.

As noted by HSC, PNJ’s sales in FY2017 increased 28 per cent year-on-year to VND10.97 trillion ($482.1 million) thanks to most segments growing strongly. Gold bar revenue increased 20 per cent, to VND2.04 trillion ($89.6 million).

Revenue from gold jewelry grew 31 per cent year-on-year to VND8.7 trillion ($382.4 million), with jewelry sales growing 39 per cent to VND5.567 trillion ($244.5 million). Turnover from gold jewelry sales increased 19 per cent, to VND3.01 trillion ($132.2 million), while revenue from silver products grew 28 per cent to VND221 billion ($9.6 million).

Gross profit increased 35.5 per cent year-on-year to VND1.9 trillion ($83.12 million), with a gross profit margin of 17.4 per cent, up 16.5 per cent.

Gross profit from gold bars increased 14 per cent year-on-year to VND38.4 billion ($1.68 million), with a gross profit margin of 1.9 per cent.

Gross profit from jewelry retail grew 43 per cent to VND1.55 trillion ($68.01 million), with a gross profit margin of 27.9 per cent.

After-tax profit in 2017 reached over VND725 billion ($31.8 million), up 61 per cent and exceeding the target by 21 per cent.

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