Online retailer of diamonds and fine jewelry Blue Nile, Inc. posted a 6.8-percent increase in net sales to $103.7 million for the first quarter ended March 30.
U.S. engagement net sales for the first quarter increased 8.0 percent to $59.7 million, compared to $55.3 million for the first quarter of 2013.
U.S. non-engagement net sales for the first quarter 2014 increased 7.6 percent to $26.1 million, compared to $24.2 million for the first quarter of 2013.
International net sales for the first quarter 2014 were $17.9 million compared to $17.6 million for the first quarter 2013, an increase of 1.9 percent. Excluding the impact from changes in foreign exchange rates, international net sales increased 6.4 percent.
Gross profit for the first quarter 2014 totaled $19.1 million. As a percentage of net sales, gross profit was 18.4 percent compared to 18.2 percent for the first quarter of 2013.
Selling, general and administrative expenses for the first quarter 2014 were $17.5 million, compared to $16.5 million in the first quarter of 2013.
At the end of the first quarter 2014, cash and cash equivalents totaled $56.7 million.
For the second quarter of 2014, net sales are expected to be between $108 million and $113 million.
Net sales are expected to be between $485 million and $510 million.
"As we announce our financial performance, we remain steadfast in our execution of three key initiatives in 2014," said Harvey Kanter, President and Chief Executive Officer. "These include enhancing the user experience; developing our product lines in bridal and diamond jewelry, as well as fashion pieces through The Designer Collective; and expanding internationally by building our presence in China and growing our established markets. Through these initiatives, we continue on our quest to be nothing less than the worldwide leading retailer of bridal and fine jewelry."