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Blue Nile’s profits rise 23% in Q1’10
Sales increase by 19%
By: Diamond World News Service
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May 8 2010 9:50AM
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Reference: 4933  

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Blue Nile has announced its performance for the first quarter of 2010, with a 19 percent increase in sales amounting to $74.1 million, as compared to 11 percent drop last year. The company’s international sales increased 71.4 percent to $9.6 million, however excluding the impact from changes in foreign exchange rates, the same sales increased by 51.8 percent. The company has concluded that its sales in the U.S. increased 14 percent and amounted to $64.5 million.

In the said three months of 2010, the company’s cost of sales rose 18.5 percent to $58.3 million and profits increased 23 percent to $2.4 million. The gross profit in this quarter valued $15.8 million and when calculated as a percentage of sales, it improved 10 basis points to 21.3 percent, from 21.2 percent in the corresponding period of 2009, reports say.

The company attributed its growth in sales and profits to its business strategy and consumer proposition, which has helped gain their confidence.

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