The online jewelry also reports strong international sales growth.
Thad Rueter , Senior Editor
Sales increased nearly 17% in the first quarter of 2013 for Blue Nile Inc. The web-only jewelry retailer, which debuted in 1999, was helped by strong international growth along with an increase in engagement ring sales.
Blue Nile is No. 74 in the Internet Retailer Top 500 Guide. For the quarter ended March 31, it reported:
• Total sales increased year over year about 16.8% to $97.1 million from $83.1 million.
• Net income increased 440.3% to $832,000 in 2013 from $154,000 million in 2012.
• Sales of engagement rings in the United States grew year over year 19.7% to $55.3 million from $46.2 million.
• Sales in other jewelry categories in the United States increased about 7.1% to $24.2 million from $22.6 million in 2012.
• International sales grew year over year 24.8% to $17.6 million from $14.1 million.
• Selling, general and administrative expenses hit $16.5 million, up 9.2% compared with $15.1 million in the first quarter of 2012. Those expenses include stock-based compensation of $1.1 million.
Blue Nile said that for the second quarter of 2013, it expects net sales to range between $100 million and $105 million.