Bulgari’s net revenues grew 13%

Net revenues for the Bulgari Group increased by 13% in 2001 to Euro 766 million (US$661.6 million), against Euro 676 million (US$583.8 million) in 2000, according to the company’s 2001 preliminary financial report.

Sales increased in all geographic areas, with the only exception of the Americas where it fell by 17%. The increase was particularly outstanding in the Middle East (+58%), very good in Europe (+25%), in Japan (+17%), in Italy (+18%) and in the Far East (+14%), the company reported.

All product categories witnessed a strong increase in sales: accessories (+47%), perfumes (+37%) and jewels (+26%). The watches were the only exception, posting a decrease of 6%.

Preliminary fourth quarter were Euro 226 million (US$195 million), a 6% drop compared to the same period the year before, the company reported. In fact, Christmas season sales were beneath expectations, influenced by the events of September 11th and by the deriving absence of Japanese tourists in Europe and the United States.

Still referring to the fourth quarter only, sales increased in the Middle East (+48%), in Japan (+4%) and in Europe (+4%). Meanwhile, revenues in the Americas, Italy and the Far East fell by 34%, 15%, and 4%, respectively.

Product-wise, during the same period of time, jewelry sales increased by 5%, perfumes by 34% and accessories by 25%. Watch sales fell by 27% for the quarter.

“I’m satisfied with the obtained full year results, considering the current economic climate which was heavily influenced by the tragic events of September 11th,” said Francesco Trapani, Chief Executive Officer of the Bulgari Group. “I believe that the further increase in the jewelry and perfume sales is particularly positive as they are based on the already very strong increase of 2000. The downturn in the watch revenues can partly be attributed to missing sales to retailers, aimed at reducing their existing stock. The recovery of demand should rapidly bring about the replenishment of inventories.”

Trapani said that 2002 results will depend on the evolution of the economic crises, which is expected to witness an upturn in the second half of the year.

“Obviously, an attentive cost control program has been implemented for several months now, which will assure a good increase in profits for 2002, despite lower sales turnover growth rates with respect to the past years,” he said.

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