Titan Company announce don July 6 that it has registered a 20 percent year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the April-June quarter of current fiscal. The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan’s retail footprint to 2,778 stores.
The company’s jewellery division grew 21 per cent in the first quarter of fiscal 2023-24. The key categories of gold and studded grew with no notable change in the overall product mix. “Buyer growth was higher than average ticket size growth for the period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” said Titan in a regulatory filing to the stock exchanges.
Tanishq added a new store in Sharjah, expanding its international presence to seven stores in the GCC region and one store in the US. The domestic new store additions consisted of nine stores in Tanishq and eight stores in Mia by Tanishq.
In the watches and wearables division, Titan saw a 13 percent YoY growth, which comprised eight percent growth in analog watches segment and 84 percent YoY growth in wearables. EyeCare Division saw sales growth of 10 per cent YoY. Titan also underlined that the trade & distribution channel grew faster than Titan Eye+.
Brand Titan and international brands saw strong buying momentum, clocking strong double-digit growth. “Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches,” the company said. Amongst key trade channels, Helios chain, Large Format Stores (LFS), and e-commerce clocked higher growth rates compared to others.
Of the 26 new stores added during the quarter, 14 stores were in Titan World, nine stores in Helios, and 3 stores in Fastrack, respectively. In emerging businesses, Titan said fragrances & fashion accessories grew 11 per cent year-on-year driven by nine per cent growth in fragrances and 13 per cent growth in fashion accessories. Taneira’s Q1 sales grew by 81 per cent year-on-year, it added.
On July 6, shares of Titan settled 0.18 per cent higher at ₹3,105.70, compared to its previous close of ₹3,100.05 apiece on the BSE.
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Updated: 06 Jul 2023, 10:07 PM IST