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TBZ's 2Q Revenue, Profit Drop on Weaker Consumer Spending

Nov 18, 2013 4:38 PM   By Jeff Miller
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RAPAPORT... Tribhovandas Bhimji Zaveri (TBZ) reported that its revenue declined nearly 8 percent year on year to $51.5 million (INR 3.34 billion) and profit plummeted nearly 82 percent to $558,000 (INR 35.1 million) for the second fiscal quarter that ended on September 30.  

The company observed weaker consumer sentiment as gold prices and the rupee were volatile and general economic conditions remained under pressure.

Shrikant Zaveri, TBZ's chairman, said, "Market conditions in the second quarter of fiscal 2014 were quite tough; however, TBZ management's constant endeavor will be to achieve growth in sales on one hand and control the costs on other hand.

''The wedding segment is expected to show improved performance in the fiscal year results driven by higher number of wedding days (74 days vs. 49 days in fiscal 2013), and auspicious days, which will last till end of June 2014 -- the highest in the past decade,'' Zaveri said.

Tags: indian, Jeff Miller, Jewelry sales, retail, TBZ
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