14 April 2022, Mumbai:
Revenues of listed retailers across apparel, lifestyle products, restaurants, and supermarkets grew by double digits year-on-year during the March quarter despite the Omicron outbreak as the reopening of offices and schools, and weddings drove demand.
Most retailers expect sales to pick up in the new fiscal with the onset of the wedding season and the reopening of schools and offices, says Venu Nair, Managing Director, Shoppers Stop.
READ MORE January retail sales restricted to 91 per cent of pre-pandemic levels: RAI
Consumption of beauty and kid’s clothes is expected to rebound, posing a rosy outlook for the next six months, he adds.
Supported by new store openings, apparel brands and retail companies such as Trent, Aditya Birla Fashion and Retail, V-Mart, Shoppers Stop, and TCNS Clothing Company are expected to register over 20 percent Y-o-Y revenue growth in the March quarter, as per ICICI securities.
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The third COVID-19 wave in December and consequent restrictions in malls, multiplexes, and restaurants restricted revenue recovery to 60 percent of pre-COVID levels in January’22, says the ICICI Securities report.
February revenues improved to 80-85 percent of pre-COVID levels while they surged higher in March, the report added.
The watches business of Titan grew by 12 percent during the March quarter while its jewelry business declined by 4 percent as gold prices increased sharply and continued to remain volatile.
The Tata-owned retailer hopes for robust demand for its products in the first quarter of 2022-23.
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