Kalyan Jewellers Plan To Add 33 New Showrooms By Diwali

The revenue growth persisted despite 'Adhik Maas', a once in a three-year period when demand for wedding jewellery tends to pause.
Kalyan Jewellers Plan To Add 33 New Showrooms By Diwali

Jewellery retailer Kalyan Jewellers on Friday said it is planning to add 33 new showrooms by Diwali, taking the total number of new outlets launched during the current financial year to 51 across the country.

"We will be unveiling 33 more showrooms before Diwali across Kalyan and Candere formats in India (26 Kalyan and 7 Candere) taking the total number of new showrooms launched during the current financial year to 51 by Diwali," the company said in a regulatory filing.

The company had added 13 new 'Kalyan' showrooms across non-South markets during the recently concluded quarter and plans to launch a further 26 showrooms in the next 40 days, as part of its previously announced showroom roll-out plan.

With robust momentum in both footfalls and sales across all markets in the country and the Middle East, Kalyan Jewellers recorded consolidated revenue growth of 27 per cent for the recently concluded quarter compared to the same period in the previous financial year, the company said in its 'Quarterly Update: Q2 FY24'.

"We saw revenue growth of 32 per cent for our India operations during the second quarter of FY24, compared to the same period of previous fiscal, led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country," the company said.

The revenue growth was despite the 'Adhik Maas', a once in a three-year phenomenon during which wedding jewellery demand tends to take a pause, it added.

However, the company said this impact was mitigated by a fewer number of Shradh days during the recently concluded quarter,as compared to the same period in the previous financial year.

Non-South markets recorded higher revenue growth largely due to greater number of showrooms launched in that region over the last 12 months.

In the Middle East, revenue was impacted by 4 per cent as Eid holidays-driven sales (recorded during Q1 of the current financial year), was part of the Q2 revenue base in the previous year, the company said.

"We launched the first franchised showroom in the Middle East region during the recently concluded quarter and have signed an additional 5 LOIs (letter of Intent) for franchised showrooms in the region," it added.

The Middle East contributed 14 per cent to the company's consolidated revenue for the recently concluded quarter, it added.

Shares of Kalyan Jewellers on Friday closed at Rs 258.15, up 10.18 per cent on BSE.

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