Titan slips 3% despite 11% YoY jewellery sales growth in Q3 ⁩

Despite a high starting point, Titan reported double-digit growth in all segments. In the fourth quarter, the company opened 111 new stores.

Titan announced on Friday that the company saw healthy consumer demand during the holiday season, resulting in a 12% increase in combined sales year over year in the December quarter.

Despite a high starting point, Titan reported double-digit growth in all segments. In the fourth quarter, the company opened 111 new stores.

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“The strong consumer demand generated by a busy holiday season resulted in a 12% increase in combined sales year on year across the Company’s standalone businesses. Despite a high base in the same period last year, the positive consumer sentiment helped all categories post healthy double-digit growth “Titan stated in its regulatory filing.

In the jewellery division, the festive category saw healthy new buyer growth. The segment also saw higher purchase values, which increased by 11% year on year.

“Healthy new buyer growths in the festive period, higher value purchases in the studded category and unique new collections for the season helped the Division achieve a ~11% growth YoY (excluding bullion sales). The sales from studded category moderately outpaced gold jewellery (plain) segment growth compared to the same period last year. Wedding sales grew in-line with the Division’s overall sales,” said Titan.

Tanishq will open its first international store in the United States, New Jersey, in December 2022. With the addition of this store, the international presence now totals six stores in Dubai, Abu Dhabi, and the United States. The new store expansion for the quarter included 8 Tanishq stores and 14 Mia by Tanishq stores.

Due to strong traction in the wearables space, the watches and wearables division grew by 14%.
The division of eye care increased by 10%. Titan Eye Plus added 36 new stores in the December quarter.

Caratlane, where Titan owns 72.3 percent, grew by 50% thanks to gifting.

Titan reported a 33.7% increase in net profit to 857 crore for the September 2022 quarter. This compares to a net profit of 641 crore in the previous year.

The company’s stock was down 1.02% at 2,536.95 on the BSE.