Blue Nile Q1 Net Sales Up 34%
May 08, 07 by IDEX Online Staff Reporter
Blue Nile, the leading online diamond and jewelry retailer, reported first quarter net sales of $67.9 million, up 34 percent year over year. Net income totaled $3.2 million, or $0.19 per diluted share, compared to $2.4 million, or $0.13 per diluted share, the previous year. Net income per diluted share increased 46.2 percent year over year.
Operating income rose 38.3 percent to $3.7 million.
“While all product categories were strong in the first quarter, we are particularly enthusiastic about the performance of jewelry at price points above $25,000,” Blue Nile’s President and CFO, Diane Irvine said. “Our net sales in these price points rose 84 percent year over year in the first quarter, representing our fastest growth product category.”
During the quarter, Blue Nile purchased 344,655 shares of its common stock for $13.5 million. Since inception of its stock repurchase program in February 2005, the company has bought back approximately 2.7 million shares of its common stock, or 15.2 percent of shares outstanding, at an average price of $32.75.
