Titan is likely to close more stores, S Subramaniam, CFO of the company, told CNBC-TV18.
Titan has reported earnings for the March-ended quarter, completely in line with estimates. The near-term continues to be uncertain with only 50 percent of their stores open currently. The company has refrained from providing guidance.
“This month is a different story. We started well and up to mid-April things were normal, but post that we are starting to shut down a lot of our stores – one reason is proactively and the other is because of the lockdowns. As of now, 50 percent of our stores are open but business definitely is much lower.” Subramaniam said.
“It’s too early to talk about what the impact of this is going to be, but we will be in a better position to assess the impact only by end of May,” he said.
Subramaniam said the company is hopeful that pent-up demand will make up for lost sales.
According to him, the jewellery margin is likely to sustain between 11-12 percent. “Savings will be higher because most people do not go out, there is no travel, not much of eating out. So to that extent, money does get channelled towards the jewellery sector. So I do believe that it may continue this year,” he said.
For the entire management commentary, watch the video