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Articles from DIAMOND JEWELLERY (975 Articles), RINGS - GENERAL (881 Articles), PENDANTS (478 Articles)










The online retailer reported positive results for the first quarter of 2014
The online retailer reported positive results for the first quarter of 2014

Blue Nile releases more positive results

Online diamond and jewellery retailer Blue Nile has released its financial results for the first quarter of 2014, showing a 6.8 per cent increase in net sales. 
The Seattle-based company’s net sales rose to US$103.7 million (AU$112 m) for the three months ended 30 March, compared to US$97.1 million (AU$104.8 m) for the same period in 2013.

International net sales for the quarter were US$17.9 million (AU$19.3 m), compared to $17.6 million (AU$19 m) in 2013, representing an increase of 1.9 per cent. Excluding the impact from changes in foreign exchange rates, international net sales increased 6.4 per cent.

The financial report also outlined that engagement ring net sales in the US rose 8 per cent to US$59.7 million (AU$64.4 m) for the period, while US non-engagement ring net sales increased 7.6 per cent to US$26.1 million (AU$28.2 m).

Blue Nile president and CEO, Harvey Kanter
Blue Nile president and CEO, Harvey Kanter
During a conference call to investors, it was revealed that revenue from customers using mobile devices and tablets also increased by 40 per cent and 20 per cent respectively.

"As we announce our financial performance, we remain steadfast in our execution of three key initiatives in 2014,” Blue Nile president and CEO, Harvey Kanter, said.

"These include enhancing the user experience, developing our product lines in bridal and diamond jewellery, as well as fashion pieces through the Designer Collective, and expanding internationally by building our presence in China and growing our established markets."

The internet-only retailer launched its Designer Collective in March this year. The offering includes a collection of rings, earrings, pendants and bracelets designed by “established designers and emerging talent”.

The 2014 first quarter figures follow strong results for the company in the fiscal year ended 29 December 2013, where a 12.5 per cent increase in net sales was reported.

Blue Nile was founded in 1999 and claims to be the largest online retailer of certified diamonds and jewellery. 

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