- Meenakshi Kumar |
Titan has reported a 7.4 per cent increase in net profit for Q4 ended March 31. Total income grew 43.89 per cent during the quarter under review. Despite the backdrop of a changing environment and regulatory moves like demonetization, the year 2016-17 was a satisfying one for the company. The company demonstrated the strength of its brands, the reach of its retail and distribution network and the effectiveness of new product introductions and marketing campaigns.
To help improve sales, Titan launched new products, offered wedding gifts and kicked off an end-of-season sale offering up to a 40 per cent discount. In addition the brand is unveiling new campaigns and launching new products.
Titan took a five to six per cent hit in sales of its watches and accessories following the currency upheaval. Meanwhile, Titan has opened a store in Telangana bringing together its retail chains, World of Titan and Helios, under one roof. The new integrated store, sprawling over 3500 sq ft, marks the largest exclusive watch store for Titan.
In Titan's retail stores, sales by credit card were about 50 to 52 per cent before the November 8 decision but this figure has now crossed the 70 per cent mark.