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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.

Image: Kolkatan
Tags: Diwali, Dussehra, India, Indian Festivals, Jewelry, Rapaport News, Titan, Titan Company
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