PNJ released Q2 2019 results in which revenue dropped 8% YoY while NPAT slid 6% YoY. Having said that, per our estimate, after a YoY slump in April-May 2019 due to unforeseen operational problems after PNJ implemented a new ERP system in late March 2019, NPAT got back on track for growth in June 2019. These results are in line with our expectation and we expect to see further earnings improvements in H2 2019.