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Blue Nile’s 1Q Revenue Falls as Engagement Sales Drop

May 5, 2016 10:32 AM   By Rapaport News
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RAPAPORT... Blue Nile’s sales declined 3.2 percent in its first fiscal quarter as the online retailer suffered from a “challenging environment” amid a slump in engagement sales.

Revenues fell to $103.1 million, with U.S. sales of engagement jewelry decreasing 7 percent, outweighing a 4-percent increase in, non-engagement sales.

"However, we are encouraged by what we've seen to date in the second quarter and are making good progress on key initiatives, which we expect to fundamentally improve performance long term,” said Harvey Kanter, Blue Nile’s chairman, chief executive officer and president.

International sales slipped 0.9 percent on a reported basis versus a 4.1 percent increase on at constant exchange rates.

Profit fell 9 percent to $1.1 million. Blue Nile said sales in the second quarter are expected to be $114 million to $117 million, a 3-percent increase on last year. Sales guidance for fiscal 2016 was maintained at $465 million to $495 million, also a 3-percent rise.
Tags: Blue Nile, online retail, online sales, Rapaport News
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