Helped by Strong Growth Abroad, Blue Nile Q1 Sales at Record $80MMay 08, 11
(IDEX Online News) - Blue Nile’s first quarter net sales increased 8.3% to $80.2 million, a record first quarter sales level. Net income totaled $2.4 million, inching up from last year.
International sales by the online diamond retailer jumped 34.4% to $12.9 million, a record level for any first quarter in the company's history. Excluding the impact from changes in foreign exchange rates, international sales increased 28.1%.
Gross profit for the quarter totaled $16.9 million, a 7.1% increase. As a percent of net sales, gross profit was 21.1% compared to 21.3% for the first quarter of 2010.
"We remain focused on our key objective of building our business in the U.S. and internationally by investing in growth initiatives from product innovation and marketing to continued enhancement of the Blue Nile experience," CEO Diane Irvine said in a release.