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UPDATE 1-Bulgari sees improvement in April after Q1 loss

Tue May 12, 2009 9:34pm IST

* Q1 net loss 29.3 mln euros

* Q1 revs down 23.1 pct

* Sees improvement in own store sales in April

(Adds quotes, details)

MILAN, May 12 (Reuters) - Italy's Bulgari BULG.MI posted improved sales in its own stores in April after a first-quarter net loss, hurt by the financial crisis sapping demand for luxury jewellery, watches and perfumes.

The Rome-based jeweller, which celebrates its 125th anniversary this year, said the financial crisis hurt first-quarter results and that it was carrying out "effective actions" regarding costs and investments.

"In April the Group has registered a clear sign of improvement in the sales of the directly owned stores, although an important contribution came from the high jewellery segment," Chief Executive Francesco Trapani said in a statement.

"To a lesser extent, an improvement has been registered also in the third party distribution."

In a telephone interview with Reuters, Trapani said own stores saw a "mid to high-single digit rise" in April sales.

Bulgari said it had a first-quarter net loss of 29.3 million euros ($39.94 million), compared with a net profit of 22.8 million euros a year ago.

Revenues fell 23.1 percent to 178.1 million euros. Bulgari said the sales performance in own stores was significantly better than the one registered in the wholesale channel -- where vendors carried out aggressive de-stocking in the first three months of the year.

Shares closed down 2.35 percent at 4.15 euros before the statement came out.

(Editing by David Cowell)

((marie-louise.gumuchian@reuters.com; +39 02 6612 9507; Reuters Messaging: marie-louise.gumuchian.reuters.com@reuters.net))

($1=.7336 Euro) Keywords: BULGARI RESULTS/

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