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Double-digit sales growth in businesses
TTAN released its pre-quarterly update for 3QFY24. Here are the key highlights:
* TTAN posted sales growth of 22% YoY, with double-digit growth across its businesses, except the eye care business.
* It added 90 stores during the quarter. Its total retail presence (including CaratLane) stood at 2,949 stores at the end of 3QFY24.
Jewelry division
* The domestic division grew 21% YoY. Four-year/five-year revenue CAGRs stood at 32%/25%.
* Buyer growth was in double digits, while improvement in average selling prices was moderate.
* Growth in plain gold and coins in this festive quarter exceeded studded sales growth notably, driven by higher consumer interest in gold despite elevated prices and volatility.
* Suitable investments in exchange programs and consumer offers were carried out during the festive period to maintain growth momentum.
* The wedding segment’s contribution improved marginally YoY.
* Tanishq expanded its international presence by adding two stores in the USA (Houston and Dallas) and one in Singapore.
* Mia opened its first store in Dubai, increasing the jewelry segment’s international footprint to 14 stores.
* The geographical expansion and healthy consumer demand in international locations led to 102% YoY growth in primary outgo of these entities.
* Domestic new store additions stood at 34 stores, with 18 stores in Tanishq and 16 stores in Mia by Tanishq.
Watches & Wearables
* The division grew 23% YoY, including 18% growth in analog watches and 64% growth in Wearables.
* Growth in the analog sub-segment was driven by healthy double-digit growth in Titan, Sonata, Helios, and International brands.
* Store additions: 25 new stores (9 of Titan World, 11 of Helios and 5 of Fastrack).
Eyecare
* The division is expected to witness a revenue decline of 3% YoY.
* Titan Eye+ opened two new stores in the GCC region, one each in Dubai and Sharjah.
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