|
RAPAPORT... Blue Nile reported that sales rose 6.8 percent year on year to $103.7 million for the first quarter that ended on March 30, while cost of sales increased 6.5 percent to $84.6 million. Profit jumped 29.7 percent to $1.1 million or 8 cents per share. U.S. engagement jewelry sales rose 8 percent to $59.7 million, while non-engagement sales increased 7.6 percent to $26.1 million. International sales improved 1.9 percent to $17.9 million; however, the rate of growth was 6.4 percent at constant exchange-rates. Gross profit margin was 18.4 percent of sales compared with 18.2 percent one year ago. "As we announce our financial performance, we remain steadfast in our execution of three key initiatives in 2014," said Harvey Kanter, Blue Nile's CEO. "These include enhancing the user experience; developing our product lines in bridal and diamond jewelry, as well as fashion pieces through The Designer Collective; and expanding internationally by building our presence in China and growing our established markets. Through these initiatives, we continue on our quest to be nothing less than the worldwide leading retailer of bridal and fine jewelry." Looking ahead, Blue Nile anticipates sales of between $108 million and $113 million during the second quarter, which reflects little change from the second quarter of 2013. Earnings per diluted share are projected in the range of 18 cents to 21 cents, or slightly better than one year earlier.
|