Titan Q3 Update: Combined sales rise 12% YoY on strong consumer demand, Retail News, ET Retail

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Backed by the healthy consumer demand during the festive season, Titan Limited saw 12% on-year growth in combined sales in the standalone business during the quarter ended December.

The positive consumer sentiment helped all categories clock healthy double-digit growth, despite a high base in the same period of last year, the company said in a release.

Continuing the network expansion, the retail presence stands at 2,362 stores at the end of the quarter.

In the mainstay jewellery segment, sales grew 11%, and watches and wearables increased 14%. In the eyecare business, the revenue rose 10%.

The sales from the studded category moderately outpaced gold jewellery segment growth compared to the same period last year. Wedding sales grew in line with the division’s overall sales, Titan said.

In the quarter, the company added 8 new stores in Tanishq and 14 in “Mia by Tanishq”.

Strong traction in the wearables space drove the double-digit growth in the segment.

“A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter, compared to same period last year,” Titan said.

During the quarter, Titan net added 24 stores of Titan World— 17 of Helios and 7 in Fastrack.

Sales from Titan Eye+ stores and trade and distribution channels saw in-line growth with the overall division. EyeCare expanded its nation-wide presence by adding 36 new stores in Titan Eye+ in the quarter.

Titan saw strong growth even in the emerging business segments such as fragrances and fashion accessories (F&FA) and ethnic wear.

The revenue in F&FA segment grew 39% on-year, driven by 50% and 21% growth in fragrances and fashion accessories, respectively.

The growth in sales of ethnic wear retailer Taneira grew 150% on year, driven by new store openings and healthy double-digit growth from the existing stores. The customer response during the festive season was quite encouraging.

Titan opened 5 stores during the quarter, taking the total store count to 36, covering 17 cities pan-India.

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