The Titan Firm revealed gross sales for its jewelry section dropped 4% year-on-year within the fourth quarter (This autumn) of FY22 amid the “sharp” rise in gold costs and sentiment impression following the exterior geo-political battle from Russia.
The plain jewelry class reportedly “bore the brunt” of gold volatility in March 2022, resulting in a slight decline for the quarter, though gross sales clocked in excessive single digit progress, thereby partially cushioning the impression.
Whereas walk-ins noticed minor decline, the shopper conversions and ticket sizes grew marginally for the quarter in comparison with the identical interval final yr.
Total, the enterprise noticed “subdued exercise” in its high cities because of the Omicron wave in January 2022, a “very sturdy resurgence” in February 2022, and an additional drop in buyer purchases in March 2022.
Golden Harvest enrolments additionally witnessed double digit progress charges. Retailer expansions continued as per plan with the commissioning of seven new shops within the Tanishq jewelry model, eight in Mia by Tanishq and one in Zaya.
Moreover, in the course of the quarter, the corporate acquired a minority stake in Nice Heights Inc. to “deepen” its understanding of lab grown diamonds.
Wanting ahead, Q1 FY23 is anticipated to be “regular” after a niche of two years of lockdowns in the identical interval.