RAPAPORT... Revenue and profit at Titan Company rose as the retailer saw
growth across all its businesses in the second fiscal quarter.
Sales increased 2% to INR 46.93 billion ($657.7 million), including at subsidiaries, in
the three months ending September 30, while profit climbed 4% to INR 3.12
billion ($43.7 million), the Indian company said last week. Jewelry sales were
flat at INR 36.5 billion ($511.5 million), with watch revenue up 6% to INR 7.2
billion ($100.9 million). Other revenue came from divisions such as eyewear.
Excluding subsidiaries, total sales rose 1% for the period, while jewelry sales fell 2%.
“The jewelry business had a subdued quarter on the back of
very high gold prices,” the company noted. “The company has done well across
all its businesses in the second quarter given the subdued market and consumer
sentiments,” added CK Venkataraman, managing director of Titan. “The jewelry
business has done better than most players in the industry.”
In the second half, the company plans to launch campaigns
for new, exclusive collections that it believes will help build sales, it
added.
Titan, which claims to be India’s largest jewelry retailer,
has a total of 1,668 stores around the country.
Image: One of Titan’s Tanishq stores. (Titan Company)
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