20
Bengaluru: Titan Company said sales across consumer segments were hurt due to protests against the new citizenship law that forced store closures in December.
“Sales in all divisions in the second half of December was also impacted to some extent due to forced store closures due to the protests in the North East and in many other parts of the country,” said the Tata Group-owned firm in a filing to the BSE.
The Citizenship Amendment Act (CAA), which came into force last month, has faced fierce opposition across India but has seen more unrest in few states including Assam.
The company that sells the eponymous watch brand and Tanishq said it witnessed contrasting performance for each of its businesses.
Retail sales in jewellery were better than expected at the beginning of the quarter, possibly due to a good wedding season and reasonable inelasticity of wedding jewellery, but growth in watches and eyewear were difficult to come by.
In the watches and wearables division, the growth for the third quarter was flat compared to the previous year.
The company, in the previous quarter, had said it trimmed its FY20 guidance for revenue growth in its watches division to account for the slowdown in demand.
“The general economic slowdown leading to poor consumer sentiment and lower walk-ins has been a concern for the last few quarters,” Titan said in the quarterly update.
Last week, consumer products firm Marico, in its quarterly update, said consumption trends during quarter ended December belied expectations of the beginning of a revival in sentiment which were built on the back of good monsoons and announcement of various government measures.
Stock Market
Unrest due to CAA impacted sales in December: Titan
Download Android App
Share in 
FullScreen CheckVideos
| Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021 |
Buy Our Merchandise (Peace Series)
- Details
- Category: Stock Market
21