Financial Daily from THE HINDU group of publications
Friday, Jun 25, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 25, 2004 |
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Corporate
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Performance Marketing - Retailing Tanishq turnover crosses Rs 400 cr Our Bureau
Bangalore , June 24 TANISHQ has said it has emerged among the largest and most profitable domestic retailers as it has crossed the Rs 400-crore signpost, generating retail sales of Rs 416 crore. Tanishq, the jewellery division of Titan Industries Ltd, reported 29 per cent growth in 2003-04 over the previous years, with nearly 1.2 million women walking into its stores. "We expect the walk-ins to increase by 30 per cent this year," Mr Harish Bhat, Chief Operating Officer, Tanishq, said. The brand's retail sales have recorded a compounded annual growth rate of 35 per cent since 1998-99 when its retail turnover was Rs 64 crore. Mr Bhat claimed that Tanishq was, perhaps, the most profitable retailer as it reported Rs 14.07 crore in profit before tax, once again a dramatic turnaround for the company, which reported loss of Rs 10.24 crore in 1998-99. "The capital employed has come down from Rs 154 crore in 2000-01 to Rs 99 crore and the return on capital employed stands at 20.7 per cent," he added. Tanishq has 67 exclusive stores across 52 cities and plans to extend the network to 75 in the next 18 months. The brand expects to double the turnover by 2006-07.
More Stories on : Performance | Retailing | Gems & Jewellery
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