Kalyan Jewellers on Friday reported a 31 per cent year-on-year (YoY) growth in its consolidated revenue for the first quarter of the financial year 2024.
The company said that it witnessed 34 per cent YoY for its India operations during Q1FY24.
“Strong operating momentum has been consistent and sustained through the entire quarter, including during Akshaya Tritiya, underpinning the resilience of our category within the overall consumption basket and demonstrating strong execution in the market by our operating team on the ground. While momentum in same-store revenue growth was broad-based across geographies, non-south markets recorded higher overall revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months,” the company said.
“As expected, given the higher share of revenue from franchised showrooms, the blended gross margin has declined sequentially as well as when compared to the same period in the previous financial year,” it added.
The brand added 12 new ‘Kalyan’ showrooms across non-south markets during Q1 and expectS to launch 20 new showrooms across non-south markets before Diwali. The company also expects to launch the first FOCO (Franchisee Owned Company Operated) showroom in the region during Q2 FY 2024
Tha company said that it witnessed robust momentum in footfalls in the Middle East region and the region contributed 16 per cent to its consolidated revenue for the recently concluded quarter.
“Revenue growth for the recently concluded quarter was 21 per cent. The growth in the recently concluded quarter was predominantly same-store sales driven since network expansion in the region during the last twelve months has not been meaningful. Eid holiday-driven sales, which were not part of the base quarter revenue in the prior year, also contributed to the higher-than-usual same-store sales growth during the recently concluded quarter,” the brand said.
The brand’s online jewellery platform, Candere, recorded a revenue de-growth of 22 per cent during Q1, the brand said by adding, “However, we are witnessing encouraging trends in Candere’s already opened two physical showrooms and as part of the previously announced omni-channel growth strategy for the platform, we plan to launch ~20 physical showrooms of Candere during the next 6 months.”
Currently, Kalyan Jewellers has 194 total showrooms across India and the Middle East stood at 194.