Bulgari profit drops sharply, tough 2009 prospects
LONDON, March 12, 2009 – Rome-based jeweller Bulgari has forecast that 2009 would be very tough after a 45 percent slide in net profit to 82.9 million euros last year as shoppers cut luxury spending due to the global economic crisis.
Losses generated by hedging transactions on exchange rates cut into profits, the company said in a statement.
Bulgari cut its dividend to 0.10 euros per share from 0.32 euros the previous year.
The company said it would focus on managing its costs rigorously to make the group more efficient.