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Web sales increase slightly for Blue Nile in Q3
The online jewelry retailer reports a 7.4% gain in net income.
Online jeweler Blue Nile Inc. experienced a slight uptick in web sales for the third quarter, along with a 7.4% increase in net income.
For the third quarter ended Oct. 3, Blue Nile, No. 58 in the Internet Retailer Top 500 Guide, reported:
• Web sales increased 0.8% to $67.45 million from $66.94 million in the third quarter of 2009.
• International sales grew year over year 5.7% to $9.3 million; international sales represented 14% of total sales in the third quarter, which Blue Nile says is the highest level they’ve ever been.
• Net income increased 7.4% to $2.77 million from $2.58 million.
"Sales trends have improved in the current quarter, and we remain focused on providing an exceptional experience to our customers. Across the business, we are gearing up for our peak holiday season," says CEO Diane Irvine. “We are competitively well positioned to continue to gain market share in the industry."
For the fourth quarter of 2010, Blue Nile expects net sales of between $106 million and $115 million, an increase of 3% to 12% compared with the fourth quarter of 2009.
For the year so far, Blue Nile reported:
• Web sales of $218.11 million, up 9.5% from $199.20 million for the same period last year.
• Net income of $7.96 million, up 8.2% from $7.36 million last year.