Kalyan Jewellers recorded consolidated revenue growth of 37 percent in the September quarter from the year-ago period, the Kerala-based jeweller said in a business update on October 7.
Its India operations revenue grew around 39 percent, led by robust operating momentum across all markets with healthy same-store-sales growth of approximately 23 percent.
The reduction in custom duty on gold imports, announced in the Budget, resulted in significantly higher footfalls from the last week of July to August-end, negating the impact of 14 days of shradh (when sales are typically more muted) during the quarter and extreme volatility in gold prices, Kalyan Jewellers said in the regulatory filing.
The Middle East contributed around 13 percent to its consolidated revenue for the recently concluded quarter, the Thrissur-based company said.
The digital-first jewellery platform Candere recorded a revenue growth of 30 percent. The company also launched 12 Candere showrooms during the quarter.
Kalyan Jewellers launched 15 Kalyan Franchisee-Owned-Company-Operated (FOCO) showrooms in India, “with a strong pipeline of showrooms set to open throughout October in line with our previously communicated guidance”.
“In the Middle East, we witnessed revenue growth of approximately 24 percent as compared to last year's same period,” the company said in a release.
In the September quarter, the company completed the first set of conversions of owned showrooms to FOCO, taking the number of franchised showrooms in the region to four.
As part of the plan to launch over 130 showrooms in the current financial year, the company is planning to launch around 25 Kalyan showrooms in India, 18 Candere showrooms and the first showroom in the US by Diwali.
During the September quarter, the company launched 26 showrooms across Kalyan and Candere formats, taking the number of showrooms as of September 30 to 303 (Kalyan India – 231, Kalyan Middle East – 36 and Candere – 36).
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