Titan Q1FY21 performance report amid COVID crisis; revenue declines in May & June
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Titan continues to see the impact of COVID on its performance. In the update, the company said it suffered a complete loss of sales in April due to lockdown. The Jewellery segment which accounts for around 80% of the total revenue saw a decline of ~80% in May and 30% in June on a year on year(YoY) basis. The recovery on a month on month basis is better than what the company envisaged for the segment especially with the wedding season being deferred. The company has managed to re-open 95% of its Tanishq stores till the date and are seeing a good recovery in sales in non-metro cities. Watches segment revenue declined by 95 % in May & 80% in June YoY. The sales recovery rate was highest for e-comm and retail channels, while it was the lowest for large format stores. Eyewear segment saw a decline of 85% in May and 65% in June YoY. The eyewear division had to shut 15 stores during the quarter. Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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