Press Releases
Bulgari: growth in sales volumes in 2003
- +4.9% at constant exchange rates
- -1.9% at current exchange rates
Rome, January 29 2004 – The consolidated revenues of the Bulgari Group for the year 2003 were equal to 759 million Euro, compared to 774 million Euro of 2002, with an increase of 4.9% at constant exchange rates (-1.9% at current exchange rates). Concerning the fourth quarter 2003, sales were equal to 247 million Euro, compared to 255 million Euro of the same quarter 2002 (+3.4% at constant exchange rates; -3.1% at current exchange rates).
| 2003 | Q4 2003 | Variation % 2003/2002 FULL YEAR | Variation % 2003/2002 FOURTH QUARTER | |||
|---|---|---|---|---|---|---|
| In M.Euro | REPORTED | AT COMP. FXRATES |
REPORTED | AT COMP. FXRATES |
||
| Jewels | 307.7 | 99.2 | +4.7 | +12.9 | +0.4 | +7.6 |
| Watches | 244.2 | 83.3 | -16.6 | -10.6 | -15.5 | -9.5 |
| Perfumes | 136.6 | 44.8 | +3.0 | +8.4 | +12.0 | +19.1 |
| Accessories | 55.7 | 15.9 | +39.6 | +49.0 | +15.6 | +22.6 |
| Royalties and other | 14.9 | 3.9 | +3.6 | N/A | -0.4 | N/A |
| Total | 759.1 | 247.1 | -1.9 | +4.9 | -3.1 | +3.4 |
The entire year of 2003 posted positive results despite the war in Iraq and Sars. Sales were particularly good for jewellery (+12.9% at constant exchange rates), accessories (+49% at constant exchange rates) and fragrances (+8.4% at constant exchange rates). As far as watches are concerned, sales decreased by 10.6% at constant exchange rates still suffering of the difficulties of the whole sector.
| In M.Euro | 2003 | Q4 2003 | Variation % 2003/2002 FULL YEAR |
Variation % 2003/2002 FOURTH QUARTER |
||
|---|---|---|---|---|---|---|
| In M.Euro | REPORTED | AT COMP. FX RATES |
REPORTED | AT COMP. FX RATES |
||
| ITALY | 105.3 | 34.5 | -1.9 | NA | -4.1 | NA |
| EUROPE EX IT. | 189.9 | 55.7 | -0.8 | NA | -2.0 | NA |
| AMERICAS | 108.6 | 39.6 | -6.3 | +9.2 | +4.4 | +21.2 |
| JAPAN | 166.3 | 56.7 | +0.9 | +10.7 | -6.6 | +0.2 |
| FAR EAST | 142.7 | < 46.7 | +7.5 | +20.2 | +7.0 | +18.7 |
| M.EAST/OTH. | 46.3 | 13.9 | -24.8 | NA | -30.4 | NA |
| Total | 759.1 | 247.1 | -1.9 | +4.9 | -3.1 | +3.4 |
Concerning geographic areas, sales volumes were still weak in Italy (-1.9%) and in Europe (-0.8%) – still penalised by weak tourism. It has to be underlined, though, that these areas witnessed positive sales trends to the local clientele.
America registered – with an increase in sales of 9.2% at constant exchange rates - a good recovery. Japan (+10.7% at constant exchange rates) and Far East (+20.2% at comparable exchange rates) maintained their good sales performance.
As far as the product categories are concerned, the fourth quarter 2003 registered an increase of sales of accessories (+22.6% at constant exchange rates), fragrances (+19.1% at constant exchange rates) and jewellery (+7.6% at constant exchange rates). Watch sales are still negative (-9.5% at constant exchange rates) but show a constant improvement especially if compared to the very high base of the same quarter of 2002 (+28% versus 2001). Concerning revenues by geographic area the increasingly faster recovery of the Americas has to be stressed (+21.2% at constant exchange rates) – especially if taking into consideration the already very high comparison base of 2002, which registered a growth of 21%. Sales in Japan remained essentially unchanged compared to 2002 (+0.2% at constant exchange rates), despite the very difficult comparison base (+27% vs.2001) and despite the increase of sales volumes in Hawaii, which penalised the domestic market. The Far East registered a very good sales trend (+18.7% at constant exchange rates).
Francesco Trapani, Chief Executive Officer of the Bulgari Group, commented: “I am very satisfied with the results obtained in 2003, which, once again prove the strength of the Bulgari brand, the success of the new products as well as our effective strategy of cost control and the constant quest for efficiency. Furthermore, it is important to underline that 2003 witnessed an extremely difficult first semester – both from a macro-economic and political point of view - and a second part, which instead showed constant signs of recovery. I am therefore confident for 2004 on one hand because of an improvement of the economic environment and on the other, because of the launch of the new products, which certainly will contribute to the achievement of further growth and expansion”.
*non-audited figures