Blue Nile Record Holiday Sales Lead to 11.5% Increase in Q4 Sales

(IDEX Online News) - Blue Nile, Inc. reported a surge in sales in the fourth quarter and for the entire fiscal year ended January 2, 2011. Fourth quarter sales of $114.8 million are an 11.5 percent increase, while annual sales increased of 10.2 percent to $332.9 million.

The company, the leading online retailer of diamonds and fine jewelry, reported a net income of $6.2 million for the quarter, an increase of 13.6 percent over the fourth quarter of the previous year.

For the full year, Blue Nile reported net income of $14.1 million, increasing 10.5 percent over the previous year.

"Blue Nile delivered excellent fourth quarter results, driven by the strongest holiday sales season in our history," said CEO Diane Irvine.

International sales in the fourth quarter grew 30.8 percent to a record $15.3 million. For the full year, international sales totaled $43.3 million, a 30.4 percent increase compared to 2009.

The company is looking forward to a strong year, reporting that net sales in the current first quarter ending April 3, are expected to be between $76.0 million and $78.5 million.

For the fiscal year ending January 1, 2012, Blue Nile is expecting net sales to have double-digit growth compared to the full year 2010.