Titan sees 18% sales growth in September quarter; adds 105 new stores

New Delhi: Tata group firm Titan on Thursday said its overall sales grew 18 per cent year-on-year in the September quarter. The company, which operates in the segments as Jewellery, Watches & Wearables, and EyeCare has witnessed “healthy double-digit growth across most businesses,” according to a quarterly update.

Titan added 105 stores in its retail network in the second quarter of the current fiscal.

“The company witnessed healthy double-digit growth across most businesses with overall sales growing 18 per cent YoY,” Titan said.

About the outlook for the festive season, the company said it continues to be “optimistic and is visible in positive consumer sentiment” across categories.

During the September quarter, Titan’s jewellery division, which contributes around 85 per cent of its revenue, grew “18 per cent YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid-disrupted Q1 FY22”.

The product-mix in the jewellery division improved compared to last year but continued to be below pre-pandemic levels.

” Walk-ins grew in low double digits YoY with steady buyer conversions,” the company said.

The Watches & Wearables division grew 20 per cent clocking its highest quarterly revenue.

In the Eyecare segment, its Titan Eye+ stores saw healthy double-digit growth. However, the same was offset by lower YoY sales across Trade & Distribution channel, leading to an overall 7 per cent growth for the division.

Titan’s Fragrances & Fashion Accessories grew 34 per cent YoY, driven by 37 per cent growth in Fragrances and 29 per cent growth in Fashion Accessories.

Courtesy: Economic Times