PC Jewellers on Tuesday said that the new FY has started off at a satisfactory note for the company. The company has continued to gain market share in the domestic jewellery market. “The company had set an internal target of 20 per cent QoQ growth in Q1 and even in an subdued industry scenario has almost achieved the same,” PC Jewellers said in a filing to the Bombay Stock Exchange. The Company launched a totally different range of wedding jewellery collection "Lal Quila" in March, 2018 and it has continued to do very well in the first quarter of FY 2018-19.
This jewellery collection incorporates a unique Japanese manufacturing technique and has been very well received by the customers. The company opened two new franchisee stores in the month of April, which increased the total number of its store to 94. Out of these 82 are company owned and 12 are franchisee. Going ahead also the company's store expansion will be mainly through franchisee route only.
This ensures that the company will be able to concentrate on its core strength of designing and manufacturing as well as Brand building and conserve its own capital. The company ran an attractive gold exchange program during the month of June. This coupled with its focus on Jewel for Less Scheme has helped in contributing to new customer acquisition.
The export business of the company has grown in double digits during the quarter. The company said that gold exchange program was affected adversely during the last quarter due to imposition of VAT in Dubai. However, the VAT has been removed in the first quarter and company has made up for sales decline in the last quarter. Meanwhile, shares of company were trading at Rs 130.55 apiece, up 0.50 per cent, from previous close on the BSE at 10:05 hours.