A PNJ store in HCM City. The company reports a significant increase in retail sales in the first 9 months. — Photo courtesy of PNJ

Phu Nhuan Jewelry JSC achieved a pre-tax profit of VND642 billion (US$27.6 million) on net revenues of VND11.7 trillion ($504.2 million) in the first nine months of the year.

The retail segment continued to be a growth driver in the third quarter, with its sales rising by 9.5 per year-on-year and accounting for 55.7 per cent of total revenues.

Gold bullion sales increased by 19.1 per cent in Q3.

Wholesale revenues decreased significantly.

The company said comprehensive optimisation of its retail network helped it achieve positive growth in retail sales through the year has otherwise been made tough by the COVID-19 pandemic.

Le Tri Thong, its CEO, said PNJ is optimising revenues at each point of sale. The company plans to close stores that are not doing well, mainly those selling silver jewellery and inside shopping malls, and expand independent outlets at prime locations, he said.

Last week the company opened the first PNJ Next store and PNJ Centre in Binh Duong Province.

It has opened 24 of the 31 new stores it plans to open this year and upgraded eight gold jewellery outlets. — VNS