Friday, 10th February 2006 (3951 views)

Fine jewellery retailer Blue Nile saw net sales for the year ending January 1st rise by 20 per cent on equivalent sales the year before.

Total net sales amounted to US$203.2 million, compared to a total of US$169.2 million in the year ending January 2nd 2005.

The company also managed an increase of 13.5 per cent for 2005 fourth quarter net sales compared to the same quarter in 2004.

Blue Nile chief executive Mark Vadon said the company demonstrated the ability "to deliver strong profitability despite a challenging sales environment in jewellery retail".

He stressed that the company had been disciplined on the cost side despite a marked increase in online marketing costs.

Mr Vadon also said the company had consolidated its position as the leader in online diamond and jewellery retailing.

He said that "2005 was a great year for Blue Nile – strategically, operationally and financially".

Despite the results, Blue Nile's stock price fell on Tuesday.

However, the company remains bullish and predicted that its net sales for the year ending December 31st would be between $220 million and $245 million.

 

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