Titan Q3 business update: Healthy consumer demand pushes combined sales by 12% in Q3

Tata group-owned Titan Company Limited or Titan has reported a 12 per cent year-on-year (YoY) rise in its total sales after a vibrant festive season across all its business categories during the third quarter of the fiscal year 2022-23. 

In the period between October and December 2022, the company said it added a total of 111 new retail outlets, taking the total number to 2,362 at the end of the quarter. In a stock exchange filing, the company said it reported the maximum growth in its 'emerging businesses' category, where the sales shot up by 75 per cent YoY. 

"The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year," as per the quarterly update by Titan for Q3 FY23.  

This mainly included fragrances and fashion accessories, and Indian dress wear sold under the Taneira brand. It said five new stories, dealing with this category of business, were opened during the quarter. 

The 'watches & wearables' segment registered a 14 per cent growth, while the jewellery business grew 11 per cent year-on-year, with 22 new stories being added during the quarter. 

"A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to the same period last year," Titan said, adding that 48 new stores in the watches and wearable category were opened in Q3 FY23. 

On the jewellery business front, Tanishq opened its first international boutique store in New Jersey, US, in December 2022. "With this store opening, the international presence now spans 6 stores across Dubai, Abu Dhabi and the USA. The new store expansion (net) for the quarter consisted of 8 stores in Tanishq and 14 in Mia by Tanishq," it said. 

In the eye care segment, the company said its sales from Titan Eye+ stores and trade and distribution channels saw growth in line with the overall division. "EyeCare expanded its nationwide presence adding 36 new stores in Titan Eye+ for the quarter," it said.