PNJ finished the year strong as, per our estimate, retail sales soared ~34% YoY in December 2019 and ~30% YoY in Q4 2019 on the back of robust domestic demand, intensified promotion activities and new stores. In addition, since August 2019, PNJ’s production activity has fully recovered from ERP-related problems. Upbeat Q4 2019 performance lifted PNJ’s full-year 2019 retail sales growth to 17% YoY, per our estimate.