Titan's first quarter sales jumped by 205 percent year-on-year, primarily due to a low base effect as the corresponding period of the past fiscal was hit by the brutal second wave of COVID-19.
"Sales in Q1FY23 grew 205 per cent YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20," the Tata group firm said in a regulatory filing.
Titan continued with its expansion strategy in the first quarter, with the total number of stores being operated by the luxury brand climbing to 2,160 as of June 30, including 120 stores that were set up in the April-June period.
The jewellery sales during the first quarter jumped by 207 percent as compared to the year-ago period.
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The jewellery division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya (AT) in May month after two years of Covid-induced lockdowns in this period, Titan said. "On a low YoY base, Revenues nearly tripled, clocking a growth of 207 per cent," it added.
The sale of watches and wearables climbed by 158 percent in Q1FY23, clocking the "highest ever quarterly revenue", the company claimed.
"The key channels of Multi-Brand Retail (MBR), Titan World and Large Format Stores (LFS) continued on their growth trajectory from FY22. The wedding season worked really well for all brands and channels, especially in April and May," it added.
Wearables growth nearly quintupled, whilst maintaining the momentum seen in the latter half of FY22. ''Store expansions (net) continued with 26 new stores of Titan World and 15 of Helios. The transformation of Titan World, Helios and Fastrack stores to newer formats offering a wider choice of premium brands continued with 28 store renovations undertaken during the quarter," the company said.
Titan's 'EyeCare Division' reported a growth of 176 per cent YoY, which was led by its retain chain store, Titan Eye Plus (TEP) and trade and distribution channels. Titan's other businesses which include — "Fragrances & Fashion Accessories, Indian Dress Wear etc" also reported growth.
"Individually, 'Fragrances' grew at 262 per cent YoY whereas Fashion Accessories grew 293 per cent YoY," Titan said.
Titan, notably, was set up in 1984 as a joint venture between the Tata group and the Tamil Nadu state government. While the Tata group owns a 25.02 per cent stake, the state government owns a 27.88 per cent stake in the company.
With PTI inputs
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