BULGARI SALES UP 32%
MILAN — Sales at the luxury jeweler Bulgari are on the rise despite a slowdown in the U.S. market.
The company said in a statement Monday that, driven by double-digit sales gains in all geographic regions except for the U.S., sales in the first half rose 32 percent to $315 million. All figures are converted from the euro at current exchange.
“Growth in the period bodes well for the second half of the year,” said Francesco Trapani, the managing director of Bulgari. “In addition, in the second half we plan to launch two important, new products — the Lucea jewelry line and the BLV Homme fragrance, both of which should produce major results.”
The firm said in a statement that sales in the Mideast grew 82 percent, followed by Italy (54 percent); Europe (35 percent); the Far East (34 percent); Japan (28 percent) and the U.S. (6 percent).
The company will release full six-month results, including net profit figures, in September.
Paola Durante, an analyst for Merrill Lynch in Milan, said Bulgari’s first-half figures were 4 percent above her projections, although she is still expecting a 20 percent rise in full-year sales.
“Our estimates are conservative, and we are currently recommending a ‘buy’ on the company,” she said. However, she cautioned, “We think growth will slow down in the second half.”
She added that sales in the U.S. dropped 1 percent in the second quarter, and that sales in all Bulgari product categories in the U.S. were shrinking.
Worldwide, all product categories registered growth. Accessories grew 85 percent, followed by fragrances (48 percent); jewels (36 percent) and watches (20 percent).
Last year, a record year for Bulgari, sales rose 44 percent to $226.7 million during the same period. Sales in the Americas rose 37 percent.