Blue Nile Reports Record Q4 Net Sales of $90.7 Million, up 23.9%
February 13, 07Online jeweler and diamond retailer
Gross profit for the quarter increased 16 percent to $18.7 million. Gross profit as a percentage of net sales was 20.6 percent compared to 22 percent in the fourth quarter of 2005.
The company repurchased approximately $57.4 million, or 1.8 million shares, of its common stock during the year. Since February 2005, Blue Nile has repurchased 2,351,518 shares of its common stock, or 13.2 percent of shares outstanding. The company said it may purchase up to an additional $93.2 million of its common stock.
Releasing its forecast for 2007, the company expects net sales for the first quarter of between $61 million and $63 million.
“We increased our share of the U.S. diamond engagement ring market, expanded our business into other types of fine jewelry, and continued to build our international business,” Mark Vadon, founder and CEO, said. “We accomplished all of this while generating strong profitability and cash flow.”
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