Blue Nile Sees Record Second Quarter Sales

Blue Nile announced record
financial results for the second quarter ended July 3, 2011:

  • Net sales: Up 5.1 percent to $80.5
    million, a new record for the second quarter
  • Operating income: $4.3 million
  • Net income: $2.8 million, or $0.19
    per diluted share
  • Non-GAAP adjusted EBITDA: $6.9
  • Gross profit: Up 6 percent, to
    $17.2 million
  • International sales: Up 40.7
    percent, to $12.8 million

“Our results were impacted by
rapidly rising diamond and metal prices amid a weakening consumer environment
in the U.S.,” said Diane Irvine, chief executive officer, in a statement.
“Despite these external headwinds, we achieved sales growth across all product
categories, including double-digit sales growth in the non-engagement

Blue Nile also announced that Mark
Vadon will no longer serve as Blue Nile’s executive chairman, but will continue
in his role as chairman of the board of directors.

The company expects third quarter
net sales to fall between $71.5 million and $74 million.