Advanced Search

Blue Nile 3Q Sales +4% to $110M

Nov 5, 2015 8:47 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Blue Nile, an online retailer of diamonds and fine jewelry, said third quarter net sales increased 4 percent to $109.9 million year on year in the three months to October 4, with operating income up 19 percent to $3 million.

Operating margin rose from 2.4 percent to 2.8 percent of net sales. Net income rose 60 percent to $2 million, or $0.17 per diluted share, the Seattle-based group reported in a statement November 5. Gross profit dropped 66 percent to $21.2 million.

U.S. engagement net sales advanced 7 percent to $65 million, while U.S. non-engagement net sales also rose 7 percent to $25 million. International net sales were down 7 percent to $19.9 million.

Inventories at quarter’s end were $41.9 million, 27 percent higher than on the comparable date last year, it disclosed.

The company expects net sales in the fourth quarter to January 3, 2016, to be between $158 million and $168 million, the company said. It also adjusted its full-year sales guidance downwards to between $488 million and $498 million, compared to an upper-range figure of $505 million provided in its August guidance.

The board of directors approved the renewal of the company’s share repurchase program under which it is authorized to buy back up to $100 million of its common stock over the next 27 months, according to the statement.

Chairman Harvey Kanter said in the statement: “We expanded profitability while at the same time investing in initiatives to drive greater long-term growth. These initiatives, which include online and offline marketing and the ‘webroom’ concept, focus on building awareness and generating a greater level of trust for buying diamonds and fine jewelry online."
Tags: Blue Nile, data, Rapaport News, retail
Similar Articles
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.