Net profits at luxury retailer Bulgari fell 8.8 percent to EUR 31.4 million ($48.9 million) in the second quarter of 2008 brought down by higher operating costs, a slump in its watch sales and sluggish performance the America’s region. Second quarter revenues grew 4.8 percent to EUR 274.7 million ($427.6 million.) Jewelry revenues grew 5.2 percent to EUR 118.3 million ($184.14 million,) while watches fell 11 percent to EUR 65.6 million ($102.11 million,) accessories rose 2.1 percent to EUR 20 million ($31.13 million) and ‘other’ fell 8.4 percent to EUR 1.8 million ($2.8 million.)

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