Bulgari Reports Strong Third-Quarter Sales Led by Jewelry and Watches

The Bulgari Group third-quarter sales totaled $306.8 million, an increased of 11.2 percent over the previous year at comparable exchange rates (9.6 percent at current exchange rates) when compared with the same period last year. In the first nine months of the year, sales totaled $881.7 million, a 14.1 percent increase at comparable exchange rates (13.1 percent at current exchange rates).

The Rome-based luxury jewelry company reported a net profit of $437.6 million for the quarter, ended Sept. 30, a 29.4 percent increase over the same period of the previous year.

Sales by product category:

* The jewelry segment, the core business of the company, registered a 9.7 percent increase for the third quarter and 10.2 percent increase in the first nine months of the year.

* Watch sales rose 14.8 percent for the quarter and 17.3 percent in the first nine months.

* Perfumes increased 19.3 percent for the quarter and 15.1 percent for the first nine months.

* Accessories showed a 16.4 percent downturn for the quarter, while achieving a growth rate of 16.7 percent in the first nine months.

Revenues by geographical area:

* Americas, sales rose 30.1 percent for the quarter and 16.8 percent for the first nine months.

* Europe, excluding Italy, sales increased 26.4 percent in the quarter and 23.1 percent in the first nine months.

* Far East registered a 13.6 percent sales increase for the quarter and a 1.1 decline during the first nine months.

* Middle East /Other increased, at current exchange rates, by 9.5 percent in the quarter and by 16.7 percent in the first nine months.

* Japan sales rose 4.2 percent in the quarter and 21.2 percent in the first nine months.

* Sales in Italy fell 14 percent in the quarter and 1.1 percent for the first nine months.

Sales performance in the quarter reflected a very significant sales growth in the Bulgari’s owned stores and a more selective policy carried out by the company towards third party distributors.