The year's first nine month were prosperous to Bulgari. The Italian luxury brand announced on November 13 that its net profit increased by no less than 20%, rising to 44 million Euro.

The figures are as follows:
Turnover 512 million Euro (-1%)
Revenues at comparable exchange rates +6%
Operating profit 62 million Euro (+10%)
Net profit 44 million Euro (+20%)

Bulgari states however that although jewelry sales are up by 15.6%, watch sales registered a decrease of 12.9% still influenced by the negative trend of the entire sector.
Francesco Trapani, Chief Executive Officer of the Bulgari Group, commented: "Considering the current economic and geopolitical context I am satisfied with the results of these first nine months. They actually prove that, despite an extremely difficult scenario, Bulgari - thanks to the strength of its brand and the excellent quality of its products - continues its grow.

Furthermore, the fact that the watch market is still depressed - for Bulgari as well as for the other companies operating in this sector - is, on one hand, a concern to us but at the same time an opportunity. I believe this, also, because of an expected improvement of the economy and the confidence with respect to the launches of the new watch collections which we are going to present during the next months."


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(please credit Europa Star)

Europa Star / NM
November 2003