Business Update8 Jul 2024, 08:37 pm
Senco Gold Ltd Reports 11% Retail Sales Growth in Q1 FY 2024-25 with 4% Same Store Sales Growth and 6 New Showroom Additions
AI Summary
Senco Gold and Diamonds reported a retail sales growth of 11% and same store sales growth of 4% in Q1 FY 2024-25. The company achieved strong performance during Akshay Tritiya, despite extreme weather conditions, elections, and fewer wedding days. Senco launched several new collections and innovative products, including India's first gold beans. The global gold price rose by approximately 20% YoY and 13% QoQ, driven by economic uncertainty, weakening US dollar, and central bank buying. Senco added 6 new showrooms, taking the total to 165.
Key Highlights
- Retail sales growth of 11% and same store sales growth of 4%
- Strong Akshay Tritiya performance despite challenges
- Launch of several new collections and innovative products
- Global gold price rise of approximately 20% YoY and 13% QoQ
- Addition of 6 new showrooms, totaling 165