1. Business Performance
- Retail Sales Growth: 11%
- Same Store Sales Growth (SSSG): 4%
- Akshay Tritiya Performance:
- YoY Growth: 21%
- Despite challenges: high heat wave, Lok Sabha elections, and low wedding days
- Average Transaction Value (ATV) and Average Selling Price (ASP): Grew by 12%
- Total Sales Growth: 9% YoY (including exports, e-commerce, corporate, digital products)
- Marketing and Branding Strategies:
- Attracted footfall during traditional New Years (Bihu, Gudi Padwa, Poila Baisakh, Baisakhi, Akshay Tritiya)
- Launched new collections:
- Gathbandhan Wedding Collection
- Everlite Diamond Collections: Ribbon, Forest Queen, Pleat
- Product Innovations:
- New designs and pocket-friendly products
- Introduction of Senco Gold Beans: India’s first tablet-sized gold beans, ideal for young investors
2. Industry Update
- Gold Price Increase:
- Global Price Rise: ~17% (April 2023 to March 2024)
- Further Increase in Q1: ~9.5% (US$ 2340/Oz in June 2024)
- Peak Price: US$ 2450/Oz (mid-May 2024)
- YoY Average Price Increase in Q1: ~20%
- QoQ Basis: 13% increase versus Q4
- Drivers of Price Rise:
- Global economic uncertainty
- Israel-Hamas war
- Weakening US dollar
- Global dedollarization talks
- Central bank buying (290 tonnes), led by China, Turkey, and India
3. Showroom Expansion
- New Showrooms Added in Q1: 6 (4 owned, 2 franchisee)
- Total Showrooms (as of 30th June 2024): 165
- 4 in West Bengal, 1 in North, and 1 in Dubai
4. Outlook FY 24-25
- Focus on Wedding Buying:
- Preparing for increased wedding-related purchases in Q2 and H2
- Key festivals and events: Rath Yatra, Independence Day, Teej, Durga Puja, Navratri, Dhanteras/Diwali, and Weddings
- Showroom Expansion:
- Strong pipeline of new showrooms planned throughout the year
- Growth expected in both owned and franchise channels
- Growth Expectations:
- Maintained a healthy CAGR of 21% over the last 5 years
- Anticipate growth of 18% – 20% for the current year
| Subscribe To Our Free Newsletter |
