Blue Nile Posts 17% Rise in Sales in Q1
May 05, 13 by IDEX Online Staff Reporter
(IDEX Online News) – An almost 20-percent jump in engagement jewelry sales in the United States and robust growth in American and overseas sales helped push online net sales at diamond and jewelry retailer, up 17 percent to $97.1 million in the first quarter.
Net income for the quarter was $832,000, up substantially from $154,000 in the first quarter of last year.
“We are pleased to announce significant revenue growth along with expanding profitability in the first quarter of 2013,” said Harvey Kanter, Blue Nile president and CEO. “Clearly our value proposition continues to resonate with consumers, both in the U.S. and internationally.”
Net sales of US engagement jewelry rose 19 percent to $55.3 million, while non-engagement jewelry net sales climbed 7.4 percent to $24.2 million.
The firm’s foreign net sales soared 24.8 percent to $17.6 million, and when stripping out the impact of foreign exchange rates, overseas net sales were 25.9 percent higher.
Gross profit was $17.6 million. Cash and cash equivalents at the end of the quarter were $40.5 million.
Looking ahead, Blue Nile expects second quarter net sales of $100 million to $105 million.
For the fiscal year 2013 ending December 29, Blue Nile said net sales are seen at $440 million to $470 million.
