Kalyan Jewellers in a regulatory filing with the stock exchange informed that it reported a revenue growth of around 40 percent for the third quarter led by robust operating momentum on the ground with healthy same-store-sales growth across all the key markets in the country.
During the quarter, the company added 22 net new ‘Kalyan’ showrooms in India with 16 of these under the FOCO (Franchisee Owned Franchisee Operated) model.
Additionally, the company completed signing letter of intent for the 80 showrooms planned for FY 2025 with a significant majority of these being established under a revised franchise model with further improved economics for Kalyan.
“The recently concluded quarter has been a very satisfying one, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East. We have achieved this positive operating performance despite multiple headwinds during the quarter, such as extreme volatility in gold prices, a higher number of “Shradh” days compared to the prior year and flash floods in certain parts of Tamil Nadu which affected retail sales for almost a week,” Kalyan Jewellers said in a statement.
“We continue to be encouraged by the underlying momentum in footfalls across all our major markets and are gearing up with fresh collections and campaigns for the upcoming wedding season across the country,” it added.
As of December 31, 2023, Kalyan’s total number of showrooms across India and the Middle East stood at 235.
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