Titan Q1 Update: All-round performance drives 20% YoY growth in revenue
Titan Company registered a 20% year-on-year (YoY) revenue growth for the June quarter, with all the key consumer businesses witnessing double-digit growth in the quarter. The mainstay jewellery segment saw a 21% YoY growth in the quarter gone by. “Buyer growth was higher than average ticket size growth for this period.
Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” the company said in a release. New store additions, golden harvest and exchange programs continued to do well for the Tata Group company during the quarter. Tanishq added a new store in Sharjah, thereby expanding its international presence to 7 stores in the GCC region, and 1 store in the US.
The domestic new store additions consisted of 9 stores in Tanishq, and 8 stores in Mia by Tanishq. The watches and wearables division clocked a 13% YoY growth, led by an 8% growth in the analog watches segment and a staggering 84% YoY growth in Wearables. 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 in the quarter, 14 stores were in Titan World, 9 stores in Helios, and 3 stores in Fastrack, respectively.
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