Kalyan Jewellers Q4 sales up 34% as gold demand remains firm
Sat April 06 2024
Kalyan Jewellers on Friday reported strong growth in both footfalls and revenue across its markets in India and the West Asia, despite a sharp rise in gold prices.
For the fourth quarter under review, Kalyan Jewellers said it reported a consolidated revenue growth of approximately 34% compared to the same period last year, meanwhile FY2024 saw a consolidated revenue growth of approximately 31% compared to the prior year, it said.
“We are upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive and wedding season. In FY2025, we plan to launch a minimum of 130 showrooms in India (80 Kalyan and 50 Candere) and 6 showrooms across the West Asia and the US,” the company said.
The India operations witnessed a revenue growth of approximately 38% during the quarter, driven by robust operating momentum and healthy same-store-sales-growth. The company added 10 new showrooms (nine franchisee-owned-company operated) in India during the quarter, it said.
For FY24, the India business recorded a revenue growth of approximately 36% compared to the previous year.
In the West Asia, Kalyan Jewellers reported a revenue growth of approximately 14% in the March quarter, largely driven by healthy same-store-sales growth. For FY24, the Weat Asia business recorded revenue growth of approximately 11% compared to the prior year. The company launched two new showrooms in Weat Asia during the quarter, which would be converted into FOCO showrooms over the next three months.
Candere, the company’s online jewellery platform, recorded a revenue growth of approximately 12% during Q4 compared to the same period last year. However, for the FY24, Candere recorded a revenue de-growth of approximately 17% compared to the prior year. The platform launched six showrooms in the March quarter.
For FY24, Kalyan Jewellers launched a net total of 71 showrooms, taking the total number of showrooms to 253 across India and the West Asis as of March 31.
Source: https://www.financialexpress.com/