Jewellery major Titan on Tuesday said that it had reopened 83 per cent stores across all its businesses as of end of June. The disclosure was made in its quarterly update for the April-June (Q1) period. Apart from jewellery, the company makes watches, eye wear and other accessories.
In Tanishq, Titan’s jewellery division, stores reopened were higher, at 95 per cent, in Q1, the firm said, though revenue in May and June was below 20 per cent in the unit. Titan gets 80 per cent of its total revenue from the jewellery division.
While sales recovery in June, at an overall level, was 70 per cent of last year, it was higher in non-metros versus metros, the company said. Also, April had seen a complete loss of sales due to the lockdown, Titan said.
On Monday, Godrej Consumer Products (GCPL) said in its quarterly update that it expected to post mid single-digit sales growth in the April-June period (Q1) in India, driven by higher volumes. The India business contributes 55 per cent to GCPL’s overall revenue.
The firm also said that it had added six Tanishq stores in Q1 (on a net basis), though product launches had been postponed to July-September.
The company was also cutting discretionary expenditure to rein in costs and had renegotiated rentals across stores.