Phu Nhuan Jewellery sees revenue up but profit down in Q1 hinh anh 1A store of Phu Nhuan Jewellery JSC in HCM City. (Photo: pnj.com.vn)

Hanoi (VNS/VNA) - Phu Nhuan Jewellery JSC (PNJ), the largest jewellery retailer in Vietnam, reports revenue up 5 percent but profit down 4 percent in the first quarter of this year.

The company earned revenue of 5 trillion VND (213 million USD) and post-tax profit of 411 billion VND in Q1.

This year, PNJ targets to achieve revenue of more than 19 trillion VND and post-tax profit of 1.35 trillion VND. Thus in Q1, the company completed 26 percent of the revenue target and 30 percent of the profit target.

Particularly in March, despite difficulties due to the COVID-19 pandemic, PNJ's monthly revenue still recorded a growth rate of 6 percent over the same period last year, mainly thanks to the growth of 75 percent of revenues from the sale of gold pieces.

During the month, retail sales decreased by 10 per ent due to temporary closures and social distancing orders under the Government's directives to prevent and combat the COVID-19 pandemic.

PNJ has closed 85 percent of its stores since the last week of March. Of those, all stores in HCM City and Hanoi, which contributes 55 percent of total revenue, have been closed. This greatly affects PNJ's profit, as 90 percent of the company's gross profit comes from the jewellery retail segment.

Although revenue from online sales in Q1 increased by 173 percent against last year, the proportion of online sales was still very small, accounting for only 1 percent of total revenue.

This year, PNJ targets revenue growth and profit growth of 12 percent and 13 percent, respectively./.
VNA