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Titan Sales Rise over Indian Festivals
Jan 4, 2018 3:39 AM
By Rapaport News
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RAPAPORT... Titan Company’s jewelry sales grew by a “double-digit”
percentage during India’s September and October festivals, the retailer said.
Dussehra and Diwali, two of the main holidays in the year,
occurred in different fiscal quarters at the end of 2017, meaning related sales
were split between the two reporting periods. However, this only had a limited
impact on sales for the third fiscal quarter ending December 31, the company
noted in a statement Tuesday.
“The retail growth for the quarter has been healthy and in
line with internal management expectation[s], despite Dussehra being celebrated
in the previous quarter,” the company explained.
In contrast, in 2016 both days fell in the third fiscal quarter,
driving a rise in sales for the period even as the Indian government’s demonetization policy sapped
liquidity from the market and hit demand.
Titan’s same-store sales of watches also increased during
the third quarter amid a strong 2017 festival season, with online growth
exceeding that of traditional sales channels, the company added.
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Tags:
Diwali, Dussehra, India, Indian Festivals, Jewelry, Rapaport News, Titan, Titan Company
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