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PNJ - Retailing segment continues strong growth - Earnings Flash

Revenue growth accelerated to 11% in FY16 vs FY15 from 5% in 9M 2016 vs 9M 2015. Gold bar trading picked up in Q4 2016, which did not materially impact the bottom line due to this segment’s thin margins. At the same time, revenue growth in the retailing segment also sped up from 27% in 9M 2016 vs 9M 2015 to 29% in FY16 vs FY15 on the back of a solid 8% SSSG and 31 new stores in 2016. PNJ’s total store count amounted to 220 by YE2016.