Comments
Kalyan Jewellers reported consolidated revenue growth of 31 per cent in the June quarter backed by good demand both in India and West Asia.
Strong demand momentum was sustained in the quarter, including during Akshaya Tritiya, underpinning the resilience of gold jewellery category in the overall consumption basket. The non-south markets of the company recorded higher overall revenue growth largely due to the greater number of showrooms launched in that region over the last 12 months, it said.
In India, the company registered revenue growth of 34 per cent in the quarter under review.
Gross margin at the showroom level improved compared to same period last year and has remained broadly in line with the prior quarter.
Blended gross margin declined due to higher share of revenue from franchised showrooms, the company said.
New showrooms
Kalyan Jewellers added 12 new showrooms across non-south markets in the June quarter and expects to launch 20 new showrooms across non-south markets before Diwali, as part of our previously communicated plan of launching 52 new showrooms during the current year.
In the Middle East, business registered revenue growth of 21 per cent. Eid holidays-driven sales, which was not part of the base quarter revenue in the prior year, also contributed to the higher than usual, it said.
The company will launch the first Franchisee Owned Company Operated showroom in the region in the September quarter.
Middle East contributed 16 per cent of consolidated revenue in June quarter. Online jewellery platform, Candere reported 22 per cent fall in revenue in June quarter as compared to the same period during the last year.
Apart of omni-channel growth strategy, Candere opened two physical showrooms and will launch 20 new showrooms in 6 months.
As of June 30, the company has 194 showrooms across India and West Asia.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.