Blue Nile 2nd Quarter Sales Up 26.7%

Online jewelry retailer Blue Nile reported Monday that its second quarter net sales increased 26.7 percent to $72.1 million. During the quarter, operating income rose 39.8 percent to $5 million. Net income in the second quarter totaled $3.8 million compared to $3.1 million in the prior year. Net income per diluted share increased 27.8 percent year over year.

Net cash provided by operating activities was $35.8 million for the trailing twelve month period ended July 1, compared to $31.7 million for the same 12-month period ended July 2, 2006. Non-GAAP free cash flow increased to $33 million for the trailing twelve month period ended July 1, compared to $29.8 million for the trailing twelve month period ended July 2, 2006.

“Blue Nile’s second quarter performance was excellent in all areas of the business,” said Mark Vadon, Blue Nile chief executive officer. “We continued to show strong momentum in revenue growth and profitability, and our results reflect our focus on providing an exceptional experience for our customers.”

The Seattle-based company said gross profit for the quarter increased 32 percent to $14.9 million, from $11.3 million in the second quarter of 2006. Gross profit as a percentage of net sales was 20.7 percent in the second quarter of 2007 compared to 19.9 percent in the second quarter of 2006.
 
International sales, representing the company’s Canada and U.K. Web sites, totaled $3 million in the second quarter, an increase of 64.2 percent year over year.
 
The company said it expects third-quarter net sales to be between $66 million and $67.5 million and net sales for the year to be between $312 million and $318 million.

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