Blue Nile Reports Jump in Q3 Net Profit

Blue Nile, Inc., the online retailer of diamonds and fine jewelry, posted a net sales increase of 10.1 percent to $98.9 million for the third quarter ended September 29.
 
U.S. engagement net sales for the third quarter increased 7.1 percent to $57.9 million. U.S. non-engagement net sales for the third quarter rose 9.6 percent to $23.9 million.
 
Overseas sales for the third quarter 2013 were $17.1 million, up from $13.9 million for the third quarter 2012. Excluding the impact from changes in foreign exchange rates, international net sales increased by 27.6 percent.
 
At the end of the third quarter of this yearcash and cash equivalents came to $47.9 million.
 
"These results demonstrate once again that our strategy is working,” said Harvey Kanter, President and Chief Executive Officer. “Our third quarter sales increase of 10.1 percent is on top of 19.8 percent in the prior year and is our sixth consecutive quarter of double digit growth.
 
"For the upcoming holiday season, we are excited to feature a rich product assortment delivered through an enhanced user experience on the PC, tablet, and phone, and supported by our industry-leading customer service."
 
The firm expects fourth quarter net sales to be between $146 million and $161 million, and for the fiscal year 2013 ending December 29 to be between $450 million and $465 million.

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