While the social network isn’t doing away with its direct-sale initiative, it is focusing its attention on ads that drive consumers to retailers’ sites.
The online jeweler says its U.S. engagement ring sales grew 7%.
Revenue increased 10% year over year for online jeweler Blue Nile Inc. in the third quarter. Blue Nile, No. 74 in the Internet Retailer Top 500 Guide, also reported a 23% increase in global sales.
This “is our sixth consecutive quarter of double-digit growth," says Harvey Kanter, president and CEO. "For the upcoming holiday season, we are excited to feature a rich product assortment delivered through an enhanced user experience on the PC, tablet, and phone, and supported by our industry-leading customer service.”
For the quarter ended Sept. 30, Blue Nile reports:
• Net sales increased year over year 10.0% to $98.9 million from $89.8 million in the same period last year.
• Net income increased 70.6% to approximately $2.9 million in 2013 from about $1.7 million.
• Sales of engagement rings in the United States grew year over year about 7.0% to $57.9 million from $54.1 million.
• Sales in other jewelry categories in the United States increased 9.6% to $23.9 million from $21.8 million in 2012.
• International sales grew year over year about 23.0% to $17.1 million from $13.9 million.
• Selling, general and administrative expenses hit $16.2 million, up 13.3% compared with $14.3 million in the same period in 2012. Those expenses include stock-based compensation of $1.2 million compared with $1.3 million for the same period last year.
Blue Nile said that for the fourth quarter of 2013, it expects net sales to range between $146 million and $161 million.
For the year to date, Blue Nile reports:
• Net sales of nearly $304.1 million, up 15.2% from about $263.9 million.
• Net income of approximately $5.9 million, up 68.5% from $3.5 million for the same period last year.