UPDATE 2-Bulgari Q1 net fails to sparkle, confirms guidance

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MILAN, May 15 (Reuters) - Italy's Bulgari (BULG.MI: Quote, Profile, Research) said net profit fell 4.6 percent in the first quarter due to higher costs and a sales slowdown, but the jeweller confirmed its outlook for the year as long as a tough economic climate does not worsen.

The world's third-largest jeweller said in a statement on Thursday it expects sales, and operating and net profits, to rise 8-12 percent "in absence of a further deterioration of the economic environment".

Chief Executive Francesco Trapani told Reuters in an interview the company had a "quite good" performance in April.

"The commercial activities had a good January, a very good February and a bad March. April was quite good, with a great Basel Fair," he said, referring to a jewellery and watch fair.

"On the basis of our experience, and on the results of the first months, we are not worried about the guidance."

Investors are looking to luxury goods makers for signs of a slowdown in exclusive items resulting from a global credit crisis that has crimped broader consumer spending in markets.

Trapani said Bulgari's performance in the United States, where the economy has been hit by a mortgage crisis and consumer spending slowdown, was below expectations.

There, Bulgari saw sales fall 8.9 percent in the first quarter, but rise 1.8 percent at comparable exchange rates.