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Excellent sales performance of B.zero1 & Serpenti - Bulgari

Nov '10
The Board of Directors of Bulgari S.p.A. approved the interim management statements for the Bulgari Group as at 30 September 2010. The report shows a turnover of 267.9 million Euro, a rise of 14.9% at current exchange rates (+5% at comparable exchange rates) compared to the same period of the previous year, an operating profit of 26.8 million Euro and a net profit of 16.6 million Euro.

All the variations reported below and related to the revenues are expressed at comparable exchange rates unless noted otherwise.

Francesco Trapani, Chief Executive Officer of the Bulgari Group, commented: "I am satisfied with the third quarter results - particularly with the excellent performance of jewellery and accessories and the notable improvement in profitability - which are in line with our plans and clearly show that the Company is continuing to improve, both in terms of product and image and in terms of investment control, indebtedness, inventory and costs.

This mix of creativity and discipline, I am sure, will continue to have positive effects and will also characterise the Group's decision-making and operating approach in the years to come.

October's consolidated net revenues, which comprehensively grew by 12% at comparable exchange rates as a sign of the excellent response to the new product launches, together with the greatly impactful initiatives and campaigns which will also continue in the next few months, make me optimistic for the Christmas sales season and therefore lead me to confirm the guidance previously provided to the market."

Turnover by product category
During the quarter in question, jewellery rose by 13.7% (+24.2% at current exchange rates), also due to the excellent sales performance of the B.zero1 line and the Serpenti collection.Watch sales decreased by 10.9% (-1.8% at current exchange rates), although there was not a fair basis for comparison since this year the delivery of new products began in September and continued in the three subsequent months, while last year the new launches were already available starting in the second quarter.

This can already be noted by analysing the October sales data, which, in fact, show a 6% growth. It is also appropriate to highlight the excellent reaction reported to the women's Serpenti watch collection. The steel version was available in stores first, beginning in September, followed by the gold version, which was distributed at the end of October. Furthermore, also in October, sales performance in the wholesale channel was greater than what was recorded in directly owned stores, which confirms the recovery of this distribution channel after last year's massive de-stocking.

It is also worth noting that the new Bulgari Roth and Genta models presented this year in Basel were remarkably well-received by customers in directly owned stores. Perfumes recorded a drop of 4.1% (+3.5% at current exchange rates), mainly attributable to the different timescales for delivering the new launch, MAN perfume for men, distributed this year at the end of the third quarter, compared to last year's launch of BLV II, which began distribution at the beginning of June.

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