TBZ to open its first franchise outlet in Jharkhand
Jewellery retailer Tribhovandas Bhimji Zaveri (TBZ) is soon going to set up its franchise store at Dhanbad in Jharkhand. The company, which is primarily engaged in selling gold and diamond-studded jewellery, recently opened its 29th store in Mumbai. The total retail space of the company has increased to over 95,200 square feet across 22 cities in 10 states of India.
"Going forward, we aim to maintain a judicious mix of own and franchise stores to accelerate our growth and presence across India in an asset light manner," TBZ Chairman and MD Shrikant Zaveri was quoted as saying by PTI. However, on the financial front, the jewellery retailer does not have good news as it has posted a net loss of Rs 12.10 crore during the second quarter of this fiscal. The company's profit after tax (PAT) stood at Rs 55.06 lakh in the corresponding quarter of FY15, TBZ stated in a release.TBZ's net income for the quarter grew by a marginal 2.74 per cent to Rs 438.03 crore compared to Rs 426.32 crore a year ago. But, the firm is hopeful of improved demand in the upcoming festival and wedding season and it claims to have maintained its year-on-year sales and improved gross margin.