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Titan Sales Sluggish on ‘Poor’ Wedding Season
Aug 14, 2016 11:01 AM
By Rapaport News
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RAPAPORT... Titan Company’s revenue grew at a slower pace than expected in the first fiscal quarter due to a disappointing wedding season and a recent increase in the price of gold.
Sales on a standalone basis increased 3.6 percent to $415.9 million (INR 27.83 billion) in the three months ending June 30, the Mumbai-based jewelry retailer reported. Jewelry sales grew 3.2 percent to $319.6 million (INR 21.38 billion) and watch sales advanced 1.4 percent to $73.5 million (INR 4.92 billion). Profit dropped 16 percent to $18.9 million (INR 1.27 billion) due to the impact of the company’s voluntary retirement scheme.
“The wedding season in the first quarter was poor, which impacted sales growth in both watches and jewelry,” said Bhaskar Bhat, Titan’s managing director. “All our brands are working on plans to stimulate demand in the coming quarter.”
Titan paid $53.4 million (INR 3.57 billion) to acquire a 62-percent stake in online jewelry brand Carat Lane Trading, the company also said. |
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Tags:
gold, gold prices, India, Indian wedding season, Jewelry, mumbai, Rapaport News, retail, Titan, Titan Company
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