Blue Nile international sales jump 25.6% in Q3

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Net sales increased 6.9% to £66.1m in Q3 ended September 28 2014.

Online jewellery retailer Blue Nile has released its financial results for the third quarter ended September 28 2014, citing a 6.9% boost in net sales and a 25.6% rise in international net sales to $21.5million (£13.4m).

Overall net sales increased 6.9% to $105.8m (£66.1m) for Q3 2014, compared to $98.9m (£61.8m) during the same period in 2013.

Operating income for the quarter totalled $2.6m (£1.6m), representing an operating margin of 2.4% of net sales, compared to $2.5m (£1.56m) in 2013.

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Net income totalled $1.7m (£1.06m), or $0.14 (0.08p) per diluted share, while gross profit stood at $18.9m (£11.8m). As a percentage of net sales, gross profit was 17.8% compared t0 18.9% for the third quarter of 2013.

International net sales for Q3 2014 hit $21.5m (£13.4m), compared to $17.1m (£10.69m) in 2013. Excluding the impact from changes in foreign exchange rates, international net sales increased by 25.9%.

PRODUCT

Blue Nile’s net sales across its engagement ranges in the US increased by 5% in Q3 to $60.8m (£38m), compared to $57.9m (£36.1m) in Q3 2013.

In less positive news, Blue Nile’s non-engagement net sales for Q3 slipped by 1.7% to $23.5m (£14.6m), compared to $23.9m (£14.9m) in 2013.

Blue Nile chairman, chief executive officer and president Harvey Kanter, commented: "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 optimizing 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."

OUTLOOK

Expectations for the fourth quarter of 2014, ending January 4 2015, are positive with net sales expected to be in the region of $159m (£99.4m) and $174m (£108.7m). Expectations for the fiscal year 2014 are equally positive, with net sales expected between $475m (£296.9m) and $490m (£306.3m).

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