Blue Nile's net sales up 6.7% in Q2

Blue Nile has reported its financial results for the second quarter ending July 5, 2015. During the three months, the e-tailer’s net sales rose 6.7 percent to US 113.7 million from US$ 106.6 million in the same quarter last year, reports say. The company appreciated its performance as having made ‘good progress’ on some of its initiatives which it attributed to have contributed to the rise in revenues and profit expansion, reports say. Also, the company intends to continue its strategy to further invest in marketing to drive greater awareness, optimise analytics and fine-tune its pricing to increase margins and source products in a manner that delivers quality and value to its customers. It aims to increase online purchase of diamonds and fine jewellery.

In the said second quarter, sales in U.S. for engagement rings rose 7.5 percent (on y-o-y basis) to $65.5 million, U.S. non-engagement net sales rose 3.5 percent on y-o-y basis to $28.7 million, while international net sales rose 8.9 percent to $19.5 million from $18.0 million in Q2 2014. If impact from changes in foreign exchange rates is ignored, the international net sales rose 15.3 percent, reports say.

Net income was worth US$ 2.3 million, or $0.20 per diluted share ($2.2 million, or US$0.18 per diluted share in Q2 2014). The company repurchased 374,728 shares of its common stock for $10.5 million, in the current second quarter, reports add.