Titan Jewelry Sales Continue Recovery
April 08, 2021
RAPAPORT... Revenue at Titan Company increased in the fourth fiscal quarter as consumer sentiment continued to improve following the wedding season.
Jewelry sales rose 70% year on year for the three months ending March 31, as consumers took advantage of lower gold prices to purchase wedding jewelry for events that had been deferred. Titan also benefited from a favorable base comparison with the same period last year, which was affected by store closures amid the coronavirus pandemic, it said Wednesday.
“The company continued to witness strong business momentum as the Covid-19 impact on consumer sentiment seemed to fade in the early part of the quarter,” the company noted. “After recording the best ever revenue in the third quarter, which was a festive season, the company again recorded very strong revenues in the fourth quarter. The jewelry division has emerged very strongly from the crisis and witnessed strong growth in the quarter.”
Jewelry revenue for the full year rose, as the fourth-quarter increase outweighed a 70% decrease for the first quarter, when India entered a lockdown.
Sales of watches were flat year on year in the fourth quarter, Titan said.
Image: A woman wearing jewelry by Titan brand Tanishq. (Tanishq)
Article originally published on Diamonds.net here