BVLGARI reports a drop of 70% in its profits

Italian jewelry and watches brand BVLGARI reported on Thursday a third-quarter net profit of 7 million euros, down from 23 million euros in the same period last year. Revenues fell 9% to 233.2 million euros.

The company said the market remains difficult, but that "the quarter just ended showed a marked improvement compared to the two previous quarters and posted a profit at both the operating and net levels." Company officials confirmed sales continued to drop in all product categories but that the pace of the decline had slowed. Bulgari posted net losses in the first and second quarters of the year.