Blue Nile to Open Store in Long Island

(IDEX Online News) – Online jewelry retailer Blue Nile is to open its new “Web Room” concept experience at Roosevelt Field on Long Island. The location of the company’s first “store” was announced by Harvey S. Kanter, chairman, president and CEO of Blue Nile during the company’s first quarter 2015 earnings conference.

The company saw first quarter sales of nearly $107 million, an increase of approximately 3 percent, and EPS of $0.10 per share, or 25 percent growth year-over-year. Kanter said that while profitability was good, sales were below expectation as the high-end of the business struggled.

“Revenue from the sale of products over $50,000 declined by approximately $2 million and accounted for the miss in our expected revenue. This is a part of our business that is historically volatile and over time, we expect growth in this area to return,” he stated.

In the US engagement category, sales were also lower than expected. Overall, revenue growth in the category was 2.1 percent, with better performance occurring at lower price points.

Non-engagement sales results in the US were flat during the quarter, as were wedding band sales, with many buyers opting for lower priced alternative metals.  

Growth in China, the company’s largest market outside the US, increased 9 percent (16 percent when adjusted for currency fluctuation).