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Titan Sales Rise as Indian Consumers Return
Oct 7, 2021 9:42 AM
By Rapaport News
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RAPAPORT... Sales at Titan Company jumped in the second fiscal quarter as the Indian jeweler benefited from a release of pent-up demand following the country’s Covid-19 crisis earlier in the year.
Jewelry sales leaped 78% year on year for the three months ending September 30, the retailer reported Wednesday in a trading update. Plain jewelry was the best performer, though studded jewelry also saw growth in the double-digit percentages, while revenues from watches and wearables climbed 73%.
“The company witnessed [a] strong recovery in demand after the second [virus] wave across its consumer businesses, with sales moving swiftly above or close to pre-pandemic levels in most of the divisions,” Titan elaborated. “Most stores are now fully operational, barring [a] few in select towns having localized restrictions, with overall store operation days exceeding 90% for the quarter.”
The company enjoyed a boost from digital and omni-channel sales, while also accelerating the expansion of its physical store network, it explained. It is due to publish full financial data for the quarter at a later stage.
Titan took a hit during the initial Covid-19 outbreak in 2020, but fared better in the more severe second wave that peaked in April and May of 2021. This was because it was more prepared to handle the pandemic, the company explained in previous reports.
However, this year’s crisis still caused shoppers to postpone gift purchases, weddings and gold investments, Titan explained.
The jeweler’s share price grew 11% on the Bombay Stock Exchange (BSE) on Thursday following the announcement.
Image: A store under the Tanishq brand, a division of Titan. (Titan Company)
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Tags:
COVID-19, India, Jewelry, Rapaport News, retail, Titan, Titan Company
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