PNJ shrinks store network and workforce as quarterly loss hits ₫258 billion

Vietnam’s Phu Nhuan Jewelry Joint Stock Company (PNJ) reduced its retail network by a net 28 outlets and its workforce by 1,050 during the third quarter of 2026, according to its consolidated financial statements. The jeweller reported an after-tax loss of ₫258 billion for the quarter.

The company shut 38 outlets while opening 10, leaving 403 stores at September’s end. Its employee count stood at 7,123, a decline of 1,041 since the start of the year.

Quarterly revenue fell 14% year on year to ₫6,995 billion. The loss compared with an after-tax profit of ₫496 billion a year earlier. For the first nine months, PNJ earned ₫470.5 billion after tax, down 70.8%, while revenue rose 29% to ₫32,703 billion.

At an extraordinary shareholders’ meeting on October 21, investors approved replacing the company’s ₫3,409 billion annual after-tax profit target with a projected loss of ₫6,270 billion. The revision centres on expected provisions linked to changes in the policy for buying back previously sold products.

Management said the changes could prompt more customers to resell purchases or exchange them for other merchandise. Returned goods could also include a greater share of products with higher loss rates. PNJ estimates that the resale proportion could reach 80% under the revised policy, taking estimated losses to ₫7,071 billion.

Inventory at historical cost reached ₫18,855 billion at September’s end, nearly ₫3,000 billion above its level at the beginning of the year. PNJ recorded inventory write-down provisions of ₫2,229 billion, including ₫1,685 billion for diamond jewellery and loose diamonds.

Short-term financial investments, chiefly term deposits, dropped from ₫3,294 billion at the second quarter’s close to ₫82.6 billion. Cash and cash equivalents rose to ₫1,242 billion, while short-term borrowings totalled ₫4,321 billion.