Blue Nile sees sales soar 25.6% in Q3
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Online retailer of diamonds and fine jewellery Blue Nile has published a strong Q3 report with net sales up 6.9% and international net sales up 25.6%.
The company saw its international sales for the third quarter reach $21.5m (£13.4m), compared to $17.1m (£10.7m) for Q3 in 2013, an increase of 25.6%. Excluding the impact from changes in foreign exchange rates, international net sales increased 25.9%.
Overall net sales increased by 6.9% to $105.8m (£66.1m), compared to $98.9m (61.8m) for the third quarter in 2013.
Profit for the quarter totalled $2.6m (£1.6m), representing a margin of 2.4% of net sales, compared to $2.5m (£1.5m) profit and 2.5% margin for the third quarter of 2013.
Harvey Kanter, Blue Nile chairman, CEO and president, said: “Last quarter, we took steps to ensure that, no matter what, Blue Nile’s superior value is absolutely clear. We continue to challenge the status quo by providing consumers with the best quality, selection, price, and service in this industry.
“We are driving stronger brand communication, enhancing usability, and optimising price which is helping to re-accelerate growth, achieve greater scale, and strengthen our leadership in loose diamond supply. Our results give us greater optimism for the holiday season.”
