International sales rocket at online diamond jewellery retailer.
Online fine jewellery and diamond retailer Blue Nile has filed record first quarter results, and has reported booming international sales.
The retailer posted its highest first quarter sales to date, with net sales up 18.7 percent year on year to US$74.1 million (£49.5 million) in the quarter to April 4. Blue Nile also posted record EBITDA, which was up 17 percent to US$6.2 million (£4.1 million). The company registered gross profits of US$15.8 million (£10.6 million).
International sales proved a strong area of growth for the US business, with sales in that division rocketing 71.4 percent to US9.6 million (£6.4 million).
Operating income rose 23.3 percent to US$3.6 million (£2.4 million), while operating margins expanded 10 basis points to 4.8 percent of net sales. The company had increased running costs in the first quarter of 2010, rising to US$12.2 million (£8.2 million) from US$10.3 million (£6.9 million) in the first quarter of 2009.
Blue Nile chief executive Diane Irvine said: "We are pleased with our first quarter results, including excellent growth in sales and earnings. Our performance reflects the strong fundamentals of our business model and our compelling consumer proposition, as customers seek high-quality products, tremendous value and an exceptional shopping experience."