Sales rise but not profits for Blue Nile in the third quarter
November 1, 2012 05:30 PM
Revenue for online jeweler Blue Nile Inc. sparkled in the third quarter, but profits and international sales lost some luster.
For the third quarter ended Sept. 30, Blue Nile, No. 71 in the 2012 Internet Retailer Top 500, reported:
- Sales grew year over year 19.9% to $89.9 million from $75.0 million.
- International sales decreased 3.5% to $13.9 million from $14.4 million in the third quarter of 2011.
- Net income declined 10.5% to $1.7 million from $1.9 million.
“Sales of our non-engagement products improved this quarter, and we are only beginning to launch an assortment of new jewelry aimed to further accelerate our growth,” says CEO Harvey Kanter. “With continued steady execution of our strategy coupled with exciting product offerings for the holiday season, we believe we are well positioned to achieve our goals for 2012."
For the first three months, Blue Nile reported:
- Sales grew year over year 12.0% to $263.9 million from $235.7 million.
- Net income declined 50.7% to $3.5 million from $7.1 million
Blue Nile expects sales to range from $140 million to $153 million in the fourth quarter and from $404 million to $417 million for the full year.