January 22, 2002, 12:00 AM

BlueNile.com reaches $50 million in sales for the year

Revenues last year at Seattle-based online jewelry retailer Blue Nile Inc. reached $50 million, 10% over the prior year. Operating profit reached $1.1 million in the fourth quarter.

Kurt Peters

Executive Editor

 

Revenues last year at Seattle-based Blue Nile Inc., which operates the diamond and fine jewelry site BlueNile.com, reached $50 million, 10% over the prior year. Operating profit reached $1.1 million in the fourth quarter, the company reported today.

"The fact that we were able to significantly grow revenue and achieve profitability in the luxury retail sector during a recession speaks to the underlying strength of our business," said Blue Nile CEO Mark Vadon.

During 2001, 8.9 million consumers visited the Blue Nile web site, an 88% increase over 2000. Transactions grew by 53% year-over-year. It claims a 1% dollar market share of the total U.S. engagement ring market.

BlueNile.com, which launched in November 1999, says it was able to achieve its rapid road to profitability by selling high-ticket items that require low overhead for storing and shipping. Blue Nile’s average ticket exceeds $1,000.

 

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement