Blue Nile 1Q Sales top $70M
May 07, 2008
Seattle—Net sales at
Blue Nile Inc. reached $70.5 million in the first quarter ended March 30, up from $67.9 million for the same period last year, the company has reported.
Operating income for the quarter totaled $3 million, and net income totaled $2.6 million, or $0.16 per diluted share.
"We are pleased to have delivered financial results that exceeded our expectations, particularly in light of the weak consumer environment in the United States," Blue Nile Chief Executive Officer Diane Irvine said in a media release issued on Tuesday. "In this uncertain environment, we are keenly focused on enhancing the Blue Nile customer experience and vigorously managing our costs."
During the quarter, the company repurchased 990,700 shares of its common stock for $41.7 million.
International sales totaled $5.7 million for the quarter, an increase of 124 percent over the first quarter of 2007.
"Our international business continued its rapid growth during the quarter, and we are extremely pleased with the early results of our recent launches into 25 new countries," Irvine said. "Customers around the world are embracing the Blue Nile value proposition in increasing numbers."
In other Blue Nile news, the company announced the appointment of Marc Stolzman as chief financial officer, effective June 9.
The company expects net sales for the second quarter of 2008, ending June 29, to be in the range of 0 percent to 5 percent.
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