Bridal Jewelry Propels Blue Nile Q3 Sales

Blue Nile, Inc., the leading online diamond retailer, reported net sales of $66.9 million in the third quarter ending October 4, a 2.4 percent increase compared to the third quarter of 2008. The company attributed the growth to strong bridal jewelry sales and growth in international markets. Net profit rose 10.3 percent to $2.58 million.

International sales grew 27.5 percent in the quarter to a record $8.8 million compared to $6.9 million in the third quarter of 2008. Excluding the impact from changes in foreign exchange rates, international sales increased 34.8 percent.

“Our third quarter results were excellent and reflect continued positive momentum in the business. We returned to top line growth and delivered strong profitability,” said CEO Diane Irvine.

Gross profit for the quarter totaled $14.8 million. As a percent of sales, gross profit improved 180 basis points to 22.1 percent compared to 20.3 percent for the third quarter of 2008.

The company is projecting fourth quarter net sales between $100 million and $109 million.