Blue Nile Q3 Sales $67.5 Million

(IDEX Online News) - Blue Nile, Inc. posted net sales of $67.5 million in its third quarter ended October 3, 2010, inching up 0.9 percent. Net income Increased 7.7 percent to $2.8 Million.

International sales grew 5.7 percent in to $9.3 million, representing a record 14 percent of total sales. Excluding the impact from changes in foreign exchange rates, international sales increased 3.4 percent.

Sales growth was especially strong in Canada and Asia/Asia-Pacific, while sales were weak in the U.K. and Europe as a result of global economic concerns combined with weaker currencies compared to the U.S. dollar. 

Non-GAAP adjusted EBITDA for the quarter totaled $6.6 million, a record third quarter level.

“During the quarter, sales trends were uneven and reflected consumer confidence levels, which were at historic lows,” said CEO Diane Irvine.

As for the holiday season, Irvine said Blue Nile is prepared with "what we believe is our best product assortment ever at tremendous values, and we are competitively well positioned to continue to gain market share in the industry.”