Kalyan Jewellers Reports Strong Growth Amid Volatile Market Conditions

Kalyan Jewellers India Limited has announced robust financial results for the first quarter of fiscal year 2025, showcasing significant revenue growth despite volatile gold prices and tough comparisons with the previous year

Post By : IJ News Service On 10 July 2024 12:04 PM

In a robust display of performance, Kalyan Jewellers India Limited has announced significant growth figures for the first quarter of the fiscal year 2025, despite challenges posed by fluctuating gold prices and tough comparisons with the previous year. The company's consolidated revenues surged by approximately 27% year-over-year during this period.

The Indian market, a cornerstone of Kalyan's operations, saw a remarkable 29% increase in revenue compared to the first quarter of the previous fiscal year. This growth was driven by strong operational momentum on the ground, supported by a noteworthy 12% rise in same-store sales. Highlighting their expansion efforts, Kalyan successfully launched 13 new Kalyan Franchisee-Owned-Company-Operated (FOCO) showrooms across India, with plans for additional openings in the pipeline.

Meanwhile, in the Middle East, another key market for Kalyan Jewellers, revenues grew by approximately 16% year-over-year, largely propelled by robust same-store sales performance. The Middle East region contributed approximately 15% to the company's consolidated revenue for the quarter.

The company's digital platform, Candere, specializing in online jewelry sales, reported a 13% revenue increase for the quarter compared to the previous year. Kalyan Jewellers also completed documentation to acquire a larger stake in Candere, aiming to convert Enovate Lifestyles Private Limited (Candere) into a wholly owned subsidiary.

Looking ahead, Kalyan Jewellers remains optimistic about future growth prospects. With plans to open over 130 new showrooms across various formats by the end of the fiscal year, the company has already launched 24 showrooms during the first quarter. This brings their total showroom count to 277 as of June 30, 2024, distributed across India, the Middle East, and the newly entered U.S. market.

Preparations are already underway for the upcoming festive and wedding seasons, starting with Onam later this quarter, with fresh collections and promotional campaigns expected to drive further sales growth.

The management of Kalyan Jewellers expressed confidence in their strategic initiatives and reaffirmed their commitment to expanding their market presence and enhancing shareholder value in the quarters ahead.

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