One of the leading retailers of diamonds, Blue Nile has released its third quarter results.
During the third quarter Blue Nile had a net sale of $66.9 million (Up 2.4% compared to 3rd quarter 2008). The rise is sales is attributed to growth in international markets and increase in bridal sales.
However there was a rise in operating income by 17.6% to 3.9 million compared to the third quarter last year. Blue Nile generated total net cash of US$ 23.4 million for the 12 month period ending October 4th 2009.
The Chief Executive Officer of Blue Nile, Diane Irvine said “Our third quarter results were excellent and reflect continued positive momentum in the business. We returned to top line growth and delivered strong profitability.”She also noted that Blue Nile is looking forward to the holiday season with a newly redesigned website and a broad selection of fine jewelry and diamond engagement rings.
Financial Highlights of the Third Quarter 2009
-International sales rose 27.5% to $8.8 million compared to $6.9 million in the third quarter of 2008.
-The gross profit for the third quarter was US$ 14.8 million.