Titan Sales Rise over Indian Festivals

RAPAPORT... Titan Company's jewelry sales grew by a "double-digit"percentage during India's September and October festivals, the retailer said.Dussehra and Diwali, two of the main holidays in the year,occurred in different fiscal quarters at the end of 2017, meaning related saleswere split between the two reporting periods. However, this only had a limitedimpact on sales for the third fiscal quarter ending December 31, the companynoted in a statement Tuesday. "The retail growth for the quarter has been healthy and inline with internal management expectation[s], despite Dussehra being celebratedin the previous quarter," the company explained. In contrast, in 2016 both days fell in the third fiscal quarter,driving a rise in sales for the period even as the Indian government's demonetization policy sappedliquidity from the market and hit demand. Titan's same-store sales of watches also increased duringthe third quarter amid a strong 2017 festival season, with online growthexceeding that of traditional sales channels, the company added.Image: Kolkatan