Bulgari Profits +32% to $81M, Plans to Launch e-Comm

Luxury retailer Bulgari SpA reported that profits in the first half of fiscal 2007 rose 32 percent to EUR58.4 million ($81 million.)

Bulgari CEO Francesco Trapani expects sales and net profits to grow as much as 12 percent for the year. Sales grew 15 percent to EUR487.8 million ($676 million) in first half mainly driven by good demand for jewelry and watches. Sales of accessories fell 8 percent.

Bulgari grew its debt 230 percent to EUR155 million ($215 million) due to dividend payments, raw material expenses, and increasing inventories in preparation for Christmas retail season.

At some point in fourth quarter, Bulgari expects to launch its e-commerce website, Trapani said.