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Bulgari expects annual growth between 8% to 9%
Bulgaris 1Q Jewelry Sales +8%, Profits +19% to $23M
By: Diamond World News Service
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May 22 2006 12:00AM
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Reference: 363  

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Bulgari’s First quarter profits rose 19% to EUR 18.2 million ($23.2 million.). Sales rose 14% to EUR 203.9 million ($261 million.) Bulgaris jewelry business grew 8.2% to EUR 79.2 million, according to the company reports. Watch sales grew 13% to EUR 58.3 million, but sales of accessories rose 45% to EUR 25.4 million. For the companys fiscal year, Bulgaris CEO Francesco Trapani said he expects annual growth of between 8% and 9%.

By region, sales in Italy rose 14% (EUR 24.7 million,) across all of Europe sales rose 27% to EUR 48.1 million. In the United States sales rose 15% to EURO 30 million, and Japans sales rose 23% to EUR 58 million. Operating costs rose 17% to EUR 87 million, and according to the companys statement Bulgari production efficiency has offset rising precious metals prices; nonetheless, Bulgari plans to increase retail prices in coming months.

Trapani told a newspaper in Milan, Italy, that rivals interested in taking-over Bulgari would have to offer at least EUR 4 billion after announcement of the companys results, Bulgaris current market value is set at EUR 2.7 billion. Forbes.com contends that Trapanis comments were largely meant to hold off bidders. The Wall Street firm blamed the "lack of upgrade" for the cut and added that "Bulgari majority shareholders are currently investing for the long-term." Bulgaris stock peak during the past 52-weeks has been EUR 10.56, and shares closed May 19, 2006 at EUR 9.09.

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