RapNet


Rapaport News

 

Retail

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Weak Gold Demand Hits Titan’s 1Q

Sales miss Indian retailer’s target.
Jul 5, 2018 7:53 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Titan Company’s sales missed the retailer’s expectations in the first fiscal quarter due to a decline in consumer demand for gold.

“Weakness in the consumer sentiment has had an impact on our sales, also leading to recording of sales below our internal targets,” the retailer said in an update Wednesday, referring to the three months ending June 30. The company will release its full income statement for the period at a later date.

While purchases during the Akshaya Tritiya festival — an important season for gold buying — remained somewhat strong, the remainder of the quarter was significantly weaker than the same period the previous year, the company noted. The quarter saw lower demand for gold as an investment as well as for jewelry, Titan added.

Jewelry sales also suffered on a year-on-year basis because growth was especially strong in the same quarter a year earlier. The company brought forward about $36.3 million (INR 2.5 billion) worth of sales to the first fiscal quarter last year in anticipation of the new goods and services tax (GST), which went into effect last July.

Meanwhile, Titan’s watch division had a “great quarter,” boosted by new designs and marketing campaigns that revived consumer interest and brought in younger customers, the company said.

The retailer added 10 new stores for its Tanishq jewelry brand during the quarter.
Tags: Akshaya Tritiya, Jewelry, Rapaport News, Tanishq, Titan, Titan Company
Similar Articles
NRF Holiday mall 150US Retail Sales Rise Ahead of Holidays
Nov 17, 2019
US retail sales showed “particularly impressive” growth inOctober as shoppers prepared...
Michael Hill Offers Lab-Grown Collection
Alibaba Sees Record Singles’ Day Sales
Bailey Banks & Biddle Files for Chapter 11
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us