By  on May 13, 2009

MILAN — Bulgari SpA confirmed a loss in the first quarter after revenues fell 23 percent, although the Italian jeweler said sales improved in April.

After warning shareholders last month that red ink was to be expected, Bulgari on Tuesday reported a loss of 29.3 million euros, or $38.3 million, from net profits of 22.8 million euros, or $34.2 million, in the first three months of last year. Revenues fell to 178.1 million euros, or $233 million. The decline was deeper than analyst forecasts.

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