By  on January 29, 2010

MILAN — Bulgari SpA registered a 5.1 percent drop in fourth-quarter revenues to 297 million euros, or $436.5 million, hurt by heavy destocking in the wholesale channel and ongoing slow sales in Japan and the U.S. At comparable exchange rates, sales would have declined 2.7 percent.

Chief executive officer Francesco Trapani said he was “particularly satisfied” with sales in directly owned stores, which grew 12 percent at comparable exchange rates in the last three months of the year.

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