Press Releases
Bulgari Group: the strong growth of revenues continues in the second quarter 2006 (+17% at comparable exchange rates)
Rome, July 27th 2006 - In the second quarter 2006 the Bulgari Group posted a turnover of 243.9 million Euro with a 16.9% increase at comparable exchange rates (+16.3% at current exchange rates), compared to 209.8 million Euro registered in the second quarter of last year. In the first half of the year the revenues of the Bulgari Group were 447.8 million Euro, registering a 15.0% increase at comparable exchange rates (+15.1% at current exchange rates) compared to 389.2 million Euro posted in the first six months of last year.
Breaking down product categories, in the second quarter 2006 jewellery – which represented 41% of turnover in the period - continued to grow (+10.4% compared to the second quarter 2005 and +9.9% in the first half of 2006 compared to the same period of last year), boosted by the launch of the new Parentesi collection. As for the watch segment, it is worth underlining the particularly positive performance posted in the second quarter equal to +21.2% (+17.9% in the first half of 2006), strengthening the good result already registered in the first quarter (+13.1%), also thanks to the commercial success of the new interpretation of the BVLGARI BVLGARI collection presented at the Basel Fair. Perfumes' sales – equal to 45 million Euro in the quarter – increased by 24.8% (+12.0% in the first half of 2006). Accessories registered an excellent success with the clientele (+20.1% in the quarter and +32.3% in the first half of 2006) as well.
As far as geographical areas are concerned, the strong and continuative sales growth in Japan gave great satisfaction (+36.3% in the second quarter 2006 and + 30.9% in the first half of 2006), also thanks to the more attentive policies of the company towards third distributors. Sales performance in the Middle East/Others (+20.3% at current exchange rates) was outstanding, as well as in Europe excluding Italy (+17.0% in the quarter and +21.3% in the first half of 2006). The Unites States showed a positive trend in the quarter as well (+12.9% in the quarter and +10.6% in the first half of 2006). Italy (+2.7% in the quarter and +7.4% in the first half of 2006) registered very good sales results in the Bulgari's owned stores. Far East, finally, despite the weakness of some local markets and the completion of the actions carried out by the company towards third distributors, showed signals of strong recovery in the second quarter (+7.7% compared to –24.7% in the first quarter).
All the variations reported above are expressed, unless differently specified, at comparable exchange rates.
Francesco Trapani, Chief Executive Officer of the Bulgari Group, thus commented :"I am very satisfied with the second quarter sales results, posted also thanks to the Bulgari's creativity which - in particular for the sectors of jewellery and watches - was expressed in the first part of the year with original re-interpretations of iconic themes and motifs that marked the history of the brand and enjoyed a great success with the worldwide clientele, thus consolidating the awareness of the brand and its design. I am therefore confident that the Group is going in the right direction and, in accordance with the guidance already given to the market, I confirm my optimism also for the next months."
| Euro 000s | 2006 | ||
|---|---|---|---|
| Q1 | Q2 | H1 | |
| Italy | 24,679 | 30,751 | 55,430 |
| Europe ex Italy | 48,149 | 60,412 | 108,561 |
| Americas | 34,975 | 34,846 | 69,821 |
| Japan | 57,974 | 65,730 | 123,704 |
| Far East | 25,572 | 37,186 | 62,758 |
| M.East and Oth. | 12,534 | 14,966 | 27,500 |
| Total | 203,883 | 243,891 | 447,774 |
| GROWTH 2006 vs 2005 | |||||
|---|---|---|---|---|---|
| Q1 2006/ Q1 2005 | Q2 2006/ Q2 2005 | H1 2006/ H1 2005 | |||
| reported | at comp fx | reported | at comp fx | reported | at comp fx |
| 13.9% | - | 2.7% | - | 7.4% | - |
| 27.1% | - | 17.0% | - | 21.3% | - |
| 15.3% | 8.4% | 12.7% | 12.9% | 14.0% | 10.6% |
| 22.8% | 25.3% | 30.3% | 36.3% | 26.7% | 30.9% |
| (20.3%) | -24.7% | 8.2% | 7.7% | (5.6%) | -8.3% |
| 22.5% | N.A. | 20.3% | N.A. | 21.3% | N.A. |
| 13.6% | 11.9% | 16.3% | 16.9% | 15.1% | 15.0% |
| Euro 000s | 2006 | ||
|---|---|---|---|
| Q1 | Q2 | H1 | |
| Jewels | 79,440 | 100,154 | 179,594 |
| Watches | 58,306 | 69,829 | 128,135 |
| Perfume | 33,695 | 45,124 | 78,819 |
| Accessories | 25,417 | 22,084 | 47,501 |
| Other | 7,025 | 6,700 | 13,725 |
| Total | 203,883 | 243,891 | 447,774 |
| GROWTH 2006 vs 2005 | |||||
|---|---|---|---|---|---|
| Q1 2006/ Q1 2005 | Q2 2006/ Q2 2005 | H1 2006/ H1 2005 | |||
| reported | at comp fx | reported | at comp fx | reported | at comp fx |
| 10.0% | 8.2% | 9.8% | 10.4% | 9.9% | 9.9% |
| 15.9% | 13.1% | 20.7% | 21.2% | 18.5% | 17.9% |
| (1.2%) | -1.9% | 24.2% | 24.8% | 11.9% | 12.0% |
| 44.8% | 44.2% | 18.4% | 20.1% | 31.2% | 32.3% |
| 33.9% | N.A. | 18.1% | N.A. | 25.7% | N.A. |
| 13.6% | 11.9% | 16.3% | 16.9% | 15.1% | 15.0% |
Source: Bulgari S.p.A.- Unaudited preliminary figures – Six-month figures will be approved by the Board of Directors and communicated on September 13th 2006.
For further information
| Media relations | Analysts / investors relations |
| Paolo Piantella | Renata Casaro |
| Corporate Financial Press Office Director | Investor Relations Director |
| tel. +39 06 68 810 593 | tel. +39 06 68 810 467 |
| e-mail paolo.piantella@bulgari.com | e-mail renata.casaro@bulgari.com |
| www.bulgari.com | http://ir.bulgari.com |