Blue Nile Records The Highest Sales Growth in 5 Years
Net sales of $400 million in 2012...Blue Nile reported net sales of $400 million in 2012, an increase of 14.9 percent over 2011. It is set the highest sales growth in 5 years.
The improvement in the online diamond retailer comes as more American’s choose to make their purchase online at the expense of traditional stores.
Net income for the year was $8.4 million, declining 26 percent year-over-year.
Net sales during the fourth quarter increased 21.2 percent to $136.1 million. Profit for the quarter increased to $4.9 million, more than half of annual profit.
“Investments we made in 2012 paid off with the highest annual levels of revenue growth and customer acquisition in five years, exceptional strength in engagement sales in the U.S., and a return to strong growth internationally,” said Harvey Kanter, President and CEO.
“While we fell short of our expected sales of non-engagement jewelry during the holiday season, in part due to a weaker environment for consumer discretionary spending, we gained valuable insight that will guide the evolution of our product mix,” Kanter added.
The retailer expects continued double-digit revenue increases this first quarter of 2013 with sales of $94 million to $100 million. Earnings are expected in the range of 5 cents to 8 cents per share given easy comparisons with the first quarter of 2012.
By: JewelryOurs
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