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TBZ's 2Q Sales Reach $64M
Nov 8, 2012 1:14 AM
By Dilipp S Nag
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RAPAPORT... Tribhovandas Bhimji Zaveri Ltd. (TBZ) reported net sales of $64.2 million (INR 3.49 billion) during its second fiscal quarter that ended on September 30, 2012. The Mumbai-based jewelry retailer didn’t provide comparable data from 2011 as it was an unlisted company one year ago. Sales were up 24 percent from the previous quarter. Net profit was $3.5 million (INR 190.1 million) during the period.
“In the second quarter, our focus was on enhancing our brand positioning in the wedding segment and enhancing our retail presence,” said Shrikant Zaveri, TBZ’s chairman and managing director. He reported that the company opened 5 new stores during the quarter, taking its total number of showrooms to 19 across six Indian states including Maharashtra, Gujarat, Madhya Pradesh, Kerala, Andhra Pradesh and West Bengal.
“TBZ is maintaining the momentum of its retail expansion across key markets,” Zaveri said. “Overall volume is expected to recover during the second half of fiscal 2013.”
TBZ stated that its earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter stood at $5.2 million (INR 283.9 million), while the EBITDA margin was 8.6 percent of total income despite the industry facing a tough economic environment and higher gold prices during the second quarter.
The company maintained its net profit margin at 5.5 percent for the quarter, helped by an optimal sales mix of gold and diamonds. TBZ noted that diamond jewelry sales enhanced its margins.
The company has unveiled new wedding and party wear collections in order to boost its store sales in the ongoing festival and wedding season.
In April, TBZ raised approximately $36 million (INR 2 billion) through an initial public offering to fund its expansion and for incremental working capital requirements, among other things. The company plans to open 43 showrooms by the end of fiscal year 2015.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
diamond jewelry, Dilipp S Nag, gold, India, Jewelry, Rapaport, retail, Shrikant Zaveri, TBZ, Tribhovandas Bhimji Zaveri
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