Titan recovers from a two-year gap in jewelry sales

Reporting on the results of QI FY23, Titan, an Indian manufacturer of jewellery, watches and eyewear said it was “a near normal first quarter after a gap of 2 years” pushing up sales by 205% YOY on a low base.
The company said it clocked a 3-year compound annual growth rate of 20.5% over QIFY20, the only non-disrupted first quarter in the last 3 years. Titan’s network expansion and campaigns also continued to progress well throughout the quarter.
As per the press statement, its jewelry division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya (AT) in May month after 2 years of Covid induced lockdowns in this period. On a low YOY base, revenues nearly tripled, clocking a growth of 207%. 
Both walk-ins and buyers grew in-line with the revenues whereas ticket size marginally improved compared to QI FY22. Growth in plain gold jewellery was nearly 3-times whereas studded sales was comparatively higher YOY. Studded mix was better than last year and comparable to pre-Covid levels seen during this quarter. 
Regional campaigns continued to yield good results, Titan said. Weddings growth was slightly lower YOY compared to revenue growth but the share in the overall pie continued to be stable. Store expansions (net) continued with commissioning of 6 new domestic stores in Tanishq and 13 in Mia. Karama (Dubai) saw a new Tanishq store in Apr'22 with an encouraging initial response. Retail metrics of sales growth, walk-ins, conversions and jewellery mix including studded ratios continued to be healthy across all international stores.