Blue Nile revenue up 13% to £58m in Q2

bluenile_diamondring.jpg

However gross profit drops 2.4% compared to 2011.

Diamond specialist Blue Nile has reported a 13% rise in revenue to $90.98 million (£58m) in Q2, however sales cost rose 16% to $73.79 million (£47.4m).

As a percentage of net sales Blue Nile’s gross profit was just 18.9% compared with 21.3% for the second quarter of 2011.

The company reported a 32% rise in new customers during Q2 with its US sales up 13% year-on-year to about $76.6 million (£49m), while international sales were also up 13% to $14.4 million (£9.3m).

Story continues below
Advertisement

Blue Nile’s engagement sales in Q2 rose $8.5 million compared to 2011.

Harvey Kanter, president of Blue Nile, said: ”We are pleased to report significant revenue growth along with improved profitability, and we are especially excited about the continued acceleration in the sales of engagement products.

“This affirms that our current strategy is working, particularly with favourable conditions in the diamond supply market. As we move forward, we are very excited about our plans to ignite growth in the sales of our non-engagement products through the evolution of our assortment.”

Blue Nile anticipates net sales in the range of $87 million in Q3.
 

 

Authors

*

Related posts

Top