Indian jeweller Titan reports 25% growth in quarterly consumer business sales
Indian jeweller Titan reports 25% growth in quarterly consumer business sales Oct 6 (Reuters) - India's Titan TITN.NS on Tuesday reported a 25% rise in sales in its consumer business in the second quarter, driven by demand for jewellery, watches and eyewear.
Here are some more details:
The company, which houses brands like Tanishq and CaratLane, added 78 stores in the July-September quarter, taking its total store count to 3,758
Its jewellery business grew 21% during the quarter, driven by double-digit growth in average transaction values as gold prices remained high
Titan said the jewellry business also maintained a double-digit growth momentum in North America during the quarter
The company's watches business, which includes brands such as Fastrack and Sonata, grew 30% during the quarter, while its eyewear business posted 28% growth from a year earlier
The results come as Indian consumer companies signal resilient demand
On Monday, Indian apparel retailer Trent TREN.NS reported a 23% year-on-year rise in standalone revenue for the second quarter while Marico MRCO.NS forecast double-digit revenue growth
Titan is the lifestyle and consumer goods unit of India's salt-to-steel conglomerate Tata Group
"The GCC (Gulf Cooperation Council) business has held up well in a volatile geopolitical environment and recording improving growths for Tanishq," Titan said
(Reporting by Abhinav Parmar in Bengaluru; Editing by Maju Samuel)
((Abhinav.Parmar@thomsonreuters.com;))
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Indian jeweller Titan reports 25% growth in quarterly consumer business sales