Phu Nhuan Jewelry Joint Stock Company (PNJ) announced its Q1 2025 financial report, showing a 23.5% decrease in revenue to VND 9,635 billion and an over 8% decline in profit to VND 678 billion. PNJ plans a 2025 revenue target of VND 31,607 billion, a 17% drop, with a profit goal close to VND 1,960 billion, down 7%. Retail jewelry revenue increased by 6%, while 24K gold revenue plummeted almost 66% due to supply shortages. Gross profit margin reached 21.3%, driven by growth in retail jewelry sales. Wholesale jewelry revenue rose by 22.8%, making up 12% of total sales. Operating costs were optimized, maintaining a net profit margin at 7.0%. As of late March, PNJ had 429 stores nationwide.
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