Blue Nile Q1 2016 Sales -3.2% to $103.1 Million

(IDEX Online News) – Online diamonds and fine jewelry retailer Blue Nile, Inc. has reported that its sales declined 3.2 percent to $103.1 million in the first quarter of the 2016 fiscal year, ended April 3.

Net sales in the first quarter of 2015 were $106.5 million and the dip in results was partially attributed to a fall in US engagement jewelry sales. They saw a 7-percent decrease to $56.7 million in the first quarter of 2016 compared to $61 million over the same period in the prior year.

US non-engagement jewelry sales increased 4 percent to $27.1 million compared to $26 million over the first quarter in the previous year.

"As expected, it was a challenging environment for us in the first quarter," said Blue Nile CEO and president Harvey Kanter.

"However, we are encouraged by what we've seen to date in the second quarter and are making good progress on key initiatives, which we expect to fundamentally improve performance long term."

The company estimated that its net sales in the second quarter are expected to be $114 million to $117 million and that in the full fiscal year, net sales are expected to be $465 million to $495 million.