Milan, Italy: Italian luxury jeweller Bulgari was cautiously optimistic about its financial outlook on Monday May 10 after a rebound in sales helped the company sharply cut its first-quarter losses.

Bulgari reported a net loss of 8.3 million euros ($14.5 million) in the first three months of the year compared to 29.3 million euros in the same period last year, the company said in a statement.

Sales jumped by 11.8 percent to 199.1 million euros with growth in every market except Japan, where they dropped 7.6 percent.

They rose by 31.8 percent in the rest of Asia, 48.6 percent in North America and 5.6 percent in Europe.

Among the different products, jewellery sales rose 11 percent, accessories were up 24.6 percent and perfumes soared by 30.4 percent.

Watches were down 0.4 percent.

"In light of the trends in this first quarter and of the positive data received in April...I continue to look at the months ahead with cautious optimism," Bulgari chief executive Francesco Trapani said in the statement.