Milan, Italy - Italian luxury goods maker Bulgari said on Thursday its 2008 net profit would be lower than last year's, and it couldn't make an estimate for 2009 after the economic slowdown knocked 44 percent off its third-quarter net.

Bulgari, the world's third-largest jewellery maker after Tiffany and Richemont's Cartier, also said 2008 revenue growth would be lower than previously expected.

Chief Executive Francesco Trapani told Reuters in a phone interview he could not give any indication on 2009.

"We still have to understand the impact of the crisis on luxury," Trapani said, adding stock market falls had delivered "a strong blow to consumers".

In August, the Rome-based company, which last year sold a pair of earrings for $13.5 million, had already narrowed its growth target for sales, operating and net profits to between 8 and 10 percent for 2008 from a previous 8-12 percent range.

Trapani said he expected the fall in net and operating profit for the year to be lower than the decrease registered in the first nine months, when net profit fell 22 percent and operating profit fell over 26 percent.

Trapani told Reuters October had been a bad month and that "a good Christmas won't be enough", as job losses in the U.S. and Britain were thinning the ranks of the high earners.

In September, Trapani had said sales over Christmas, when luxury groups make a large percentage of their revenue, would be poorer this year than last.

French rival Hermes last week cut its sales growth target and said trading had worsened in October. The group, once regarded as the most resilient in the sector, said it expected a tough year-end and could not predict when in 2009 trading would improve.

Bulgari, which sells jewellery, handbags, watches and perfumes, said third-quarter net profit was 23 million euros ($28.73 million). Revenues fell 0.5 percent to 256 million euros. At constant exchange rates, they rose 2 percent.

Jewellery sales rose 1 percent, perfume sales rose 11.4 percent, while watch sales fell 7.4 percent, partially hit by shortages in the sourcing of some technical components and slowing wholesale demand. Accessories fell 16.8 percent.

Bulgari said all geographical areas had registered a slowdown in sales because of the financial crisis.

Bulgari shares closed down 0.4 percent at 5.11 euros before the results came out, while Milan's index of leading shares SPMIB was up 0.92 percent.