Non-bridal helps Blue Nile boost 2Q sales 9.7%-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Non-bridal helps Blue Nile boost 2Q sales 9.7%

8/10/2010 6:31:27 PM

Seattle--Despite a noted "slowdown" in consumer spending in the month of June, second-quarter net sales increased 9.7 percent for online diamond giant Blue Nile, with diamond jewelry of the non-bridal variety helping sales along, the company reported late Thursday.

According to a news release, Seattle-based Blue Nile recorded sales of $76.6 million in the second quarter, a record second quarter for the company. Sales were strongest for non-engagement jewelry, including diamond bands, earrings and necklaces while the number of high-ticket purchases slowed.

It's a reversal of a trend Blue Nile saw in the first quarter, when the company recorded the strongest sales growth on purchases of $25,000 and up.

"We delivered record second-quarter sales...in what remains a challenging consumer environment," Blue Nile Chief Executive Officer Diane Irvine said in the release. "While we experienced high growth throughout most of the quarter, we saw a slowdown in consumer demand in the month of June. Consumers overall began to pull back on high ticket purchases, unlike earlier in the year, based on economic concerns such as high unemployment levels and market volatility."

While sales in the U.S. rose about 10 percent, Blue Nile recorded international sales growth of 28.2 percent (21.1 percent on a constant-exchange-rate basis) to $9.1 million, a record level for any second quarter in company history.

Total orders ticked up 3.5 percent to 39,407 while the average ticket increased 6 percent to $1,944.

The company also upped its diamond selection to more than 73,000 independently certified diamonds after adding new domestic and international suppliers, and repurchased 213,001 shares of common stock for $10 million during the second quarter, according to the release.

Looking ahead to the rest of the year (Blue Nile's fiscal year 2010 will end Jan. 2, 2011), Blue Nile predicts its sales will total between $325 million and $335 million, representing growth of 7.5 percent to 11 percent as compared to fiscal year 2009.

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