Titan Q1 Update: Business grows 9% YoY; company adds 61 stores
Titan Ltd registered 9% year-on-year growth in its business for the first quarter ended June 2024. The company had added a total of 61 stores during the reporting period, taking the company's total retail presence to 3,096 stores.
Segment wise, jewellery domestic operations rose 8% year-on-year. The company said the week of Akshaya Tritiya witnessed double-digit growth compared to the same period last year.
However, high gold prices and their continued firmness had an impact on consumer demand. Coupled with lesser wedding days, overall sentiments were relatively muted in comparison to Q1 of FY24.
Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single-digits. Tanishq added a new store in Muscat (Oman) during the quarter.
Of the 33 store net additions in the segment in India, 11 were in Tanishq, 19 in Mia and 3 in Zaya.
The Watches and Wearables domestic business for the June quarter rose 14% year-on-year with revenue growth in Analog coming in at a healthy 17% year-on-year. Meanwhile, the wearables witnessed a decline of 6% year-on-year.
“Customer preferences towards premium products was clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys,” said Titan in a filing.
The division added 17 new net stores in the quarter consisting of 5 stores in Titan World, 5 in Helios and 7 in Fastrack respectively.
Titan eye care's domestic business grew 3% year-on-year in the reporting quarter. The division's foray into affordable
