Blue Nile’s international business bolsters third quarter results
Blue Nile, a leading online retailer of diamonds and fine jewelry, experienced its sixth consecutive quarter of double digit growth.
Net sales increased 10.1% to $98.9 million for the third quarter, compared to $89.8 million for the year-ago quarter.
"These results demonstrate once again that our strategy is working. Our third quarter sales increase of 10.1% is on top of 19.8% in the prior year and is our sixth consecutive quarter of double digit growth," said Harvey Kanter, president and CEO. "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."
Blue Nile's board authorized the renewal of the company's share repurchase program. The company is authorized to repurchase up to $100 million of its common stock throughout a two-year period.
"The renewal of our repurchase program underscores our continued confidence in the strength of our business model and reflects our commitment to delivering value to our shareholders," said Kanter.
U.S. engagement net sales for the quarter increased 7.1% to $57.9 million, compared to $54.1 million for the third quarter of 2012. International net sales for the quarter soared 22.9% to $17.1 million, compared to $13.9 million for the third quarter 2012. Excluding the impact from changes in foreign exchange rates, international net sales climbed 27.6%.
The company anticipates net sales to be between $146 million and $161 million for the fourth quarter ending Dec. 29, and projects earnings per diluted share at $0.37 to $0.46.