First quarter sales at online jeweler Blue Nile Inc. reached $44.1 million, up 23.3% from $35.8 million in the first quarter of 2004, the company reports. Net income in the first quarter increased 36.6% to $2.6 million from $1.9 million a year earlier.
"Blue Nile delivered excellent sales and earnings growth, reflecting the strength in execution of our differentiated business model," said Mark Vadon, CEO. "These results demonstrate our ongoing ability to drive continued business growth while delivering strong profitability to our shareholders. We are pleased with all areas of our business, and we are well positioned to deliver on our 2005 goals."
"Through the balance of 2005, we will continue to focus on building our brand and expanding our market share in our core customized diamond jewelry business in the U.S. We intend to expand our international presence in Canada and in the UK.”
The company says it expects second quarter sales to be between $41.5 million and $43.5 million with full-year sales reaching $200 million to $212 million.
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