Blue Nile Sales, Profits Rise

Blue Nile announced that both sales and profits rose in the third quarter ended Sept. 29.

Net sales increased 10.1 percent to $98.9 million, compared with last year’s $89.8 million. Net income totaled $2.9 million, a 70 percent jump from $1.7 million in 2012.  

In a statement, president and CEO Harvey Kanter said is the e-tailer’s sixth consecutive quarter of double-digit sales jumps.

Highlights of Blue Nile’s balance sheet for the third quarter (ended Sept. 30):

  • Operating income: $2.5 million
  • U.S. engagement net sales: Up 7.1% to $57.9 million
  • U.S. non-engagement net sales: Up 9.6% to $23.9 million
  • International net sales: Up 22.9% to $17.1 million
  • Gross profit: $18.7 million

The company’s board also renewed its share repurchase program, and is now authorized to repurchase up to $100 million in common stock over two years.

JCK News Director