May 6, 2011, 12:33 PM

Blue Nile nets record web sales in Q1

Sales for the online jeweler were up 8.3% to $80.2 million.

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With help from strong international sales, revenue for online jeweler Blue Nile Inc. jumped 8.3% in Q1 compared with the same period in the year prior, the retailer says.

For the first quarter ending April 3, 2011, Blue Nile, No. 60 in Internet Retailer’s Top 500 Guide, posted:

  • A record in first quarter sales at $80.2 million, up from $74.0 million in Q1 2010.
  • International sales of $12.9 million, a 34.4% increase over $9.6 million in the same period last year and a record for any first quarter in the retailer's history.
  • A gross profit of $16.9 million, around a 7.0% increase over $15.8 million in the same quarter in the year prior.

"We delivered record first quarter sales reflecting the strength of our consumer proposition and our relentless focus on perfecting the customer experience,” says CEO Diane Irvine. “We remain focused on our key objective of building our business in the U.S. and internationally by investing in growth initiatives from product innovation and marketing to continued enhancement of the Blue Nile experience.”

For the second quarter of 2011, Blue Nile is projecting net sales of between $82.0 million and $84.5 million.  For the fiscal year 2011, the company expects double-digit sales growth.

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