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RAPAPORT... Blue Nile's revenue increased 10.1 percent year on year to $98.925 million for the third quarter that ended on September 30, while cost of sales increased 10.1 percent to $80.238 million. Profit jumped 66.9 percent to $2.906 million or 23 cents per share and included an income tax benefit of $1.1 million or 8 cents per share from certain discrete tax items, Blue Nile stated. Gross profit as a percent of net sales rose to 18.9 percent compared with 18.8 percent one year ago.
U.S. engagement revenue improved 7.1 percent to $57.9 million and non-engagement sales increased 9.6 percent to $23.9 million, according to the company. International sales jumped 22.9 percent to $17.1 million, though excluding the impact from changes in foreign-exchange rates the increase was 27.6 percent.
The quarter represented a sixth consecutive increase in sales, according to Harvey Kanter, the CEO of Blue Nile. “For the upcoming Christmas season, we are excited to feature a rich product assortment delivered through an enhanced user experience on the PC, tablet and phone and supported by our industry-leading customer service.”
Blue Nile anticipates that its fourth-quarter revenue will total between $146 million and $161 million, representing a wide range year-on-year increase of 7 percent to 18 percent. Earnings per share are projected to be between 37 cents and 46 cents or a drop of up to 5 percent to an increase of 18 percent. The retailer's full-year sales guidance suggested sales will range between $450 million and $465 million with earnings per share of 84 cents to 93 cents, compared with fiscal 2012 revenue of $400 million and profit of 64 cents per share.
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