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Sales and profits rise only moderately for Blue Nile in Q2
International sales increased 47.1%.
The end of the second quarter ushered in a small increase in total sales, a big jump in international revenue and a new title for the company founder at Blue Nile Inc.
For the second quarter ended July 3, Blue Nile, No. 60 in the Internet Retailer Top 500 Guide, reported:
- Total sales increased 5.1% to $80.5 million from $76.6 million in the second quarter of 2010.
- International sales grew 47.1% to $12.8 million from $8.7 million.
- Net income increased year-over-year 1.1% to $2.83 million from $2.80 million.
“While we delivered record second quarter sales, our results were impacted by rapidly rising diamond and metal prices amid a weakening consumer environment in the U.S.,” says CEO Diane Irvin. “Despite these external headwinds, we achieved sales growth across all product categories, including double-digit sales growth in the non-engagement category.”
Blue Nile also announced that founder Mark Vadon will relinquish the title of executive chairman, but continue as chairman of the board. Blue Nile didn’t release details on Vadon’s title change or if the company plans to fill the vacated position. “I look forward to my continued involvement in the next phase of Blue Nile’s growth,” says Vadon.
For the first two quarters:
- Sales increased 6.6% to $160.7 million from $150.7 million in the first two quarters of 2010.
- International sales grew 40.4% to $25.7 million from $18.3 million in the first two quarters of 2010.
- Net income increased year-over-year 1.9% to $5.3 million from $5.2 million.
For the third quarter Blue Nile expects sales to range from $71.5 million to $74.0 million.