News Flash

Bulgari reports strong growth in financial results of Q1 2007

21 May '07

3 min read

The accessory segment, finally, registered an overall decrease (-11.3%) due to a contraction in third parties distribution and despite a robust growth in the directly owned stores. As a whole, the result of this category in the quarter must be partly attributed to an exceptionally high and challenging base in the same quarter of last year (+44.0%) and it has been negatively influenced by the weakness of the Japanese market and by a different timing in the deliveries of the Spring-Summer collection.

Revenues by geographical area:
As far as geographical areas are concerned, the robust sales growth in Europe (+15.9%) has been very satisfying and must be compared to the already high base (+22.3%) of last year; the sales performance in Italy (+21.7% compared to 13.9% in the same quarter of last year) stands out as well.

The sales in the United States registered an increase (+3.4%), despite the temporary closing for revamping of the Madison Avenue store in New York since January 2007. The re-opening of the Fifth Avenue flagship store in New York at the end of March will have its effect only starting from the second quarter of this year.

As already extensively anticipated by the Company, Japan continued to slow down (-7.2%) thus confirming the general weakness of the luxury sector in this market, counterbalanced by the rest of Asia, which showed clear signs of vitality with an exuberant growth (+86.3%) reaching a percentage ratio on Company's turnover almost equal to the one of Japan.

The growth trend is uniform in all the countries where Bulgari operates in this region and the brilliant performance in the Chinese market is worth to be underlined. Middle East/Other, finally, registered a 7.8% increase at current exchange rates despite a high base in the first quarter of last year (+22.5% at current exchange rates).

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