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Mark Vadon pleased with Q4 2007 financial performance
13 Feb '08
3 min read
Blue Nile Inc reported financial results for its fourth quarter and fiscal year ended December 30, 2007.
Net sales grew 23.3% to $111.9 million, compared to $90.7 million in the fourth quarter of 2006. Operating income for the quarter rose 24.0% to $10.1 million from $8.1 million in the fourth quarter of 2006. Net income totaled $7.5 million, an increase of 31.1% over the fourth quarter last year.
Earnings per diluted share increased 28.6% to $0.45, compared to $0.35 in the fourth quarter last year. Non-GAAP adjusted EBITDA increased 26.1% to $12.4 million for the quarter, compared to $9.8 million for the fourth quarter of 2006.
For the full year, Blue Nile reported net sales of $319.3 million, an increase of 26.9% from fiscal year 2006. Operating income rose 35.4% to $22.4 million from $16.6 million for the prior year. Net income for the year increased 33.6% to $17.5 million, and net income per diluted share increased 36.8% to $1.04. Non-GAAP adjusted EBITDA for 2007 increased 31.4% to $29.9 million.
"We are very pleased with our financial performance for the fourth quarter, which reflects excellent growth in sales and profitability. We believe our results are even more impressive given the overall weakness in the retail jewelry category during the holiday season," said Mark Vadon, Executive Chairman.
"The year 2007 was exceptional for Blue Nile -- we delivered outstanding sales growth, even stronger earnings growth, and ended the year with a very healthy cash balance of $123 million. We expanded our market share domestically and made significant progress in our international business.
Net sales grew 23.3% to $111.9 million, compared to $90.7 million in the fourth quarter of 2006. Operating income for the quarter rose 24.0% to $10.1 million from $8.1 million in the fourth quarter of 2006. Net income totaled $7.5 million, an increase of 31.1% over the fourth quarter last year.
Earnings per diluted share increased 28.6% to $0.45, compared to $0.35 in the fourth quarter last year. Non-GAAP adjusted EBITDA increased 26.1% to $12.4 million for the quarter, compared to $9.8 million for the fourth quarter of 2006.
For the full year, Blue Nile reported net sales of $319.3 million, an increase of 26.9% from fiscal year 2006. Operating income rose 35.4% to $22.4 million from $16.6 million for the prior year. Net income for the year increased 33.6% to $17.5 million, and net income per diluted share increased 36.8% to $1.04. Non-GAAP adjusted EBITDA for 2007 increased 31.4% to $29.9 million.
"We are very pleased with our financial performance for the fourth quarter, which reflects excellent growth in sales and profitability. We believe our results are even more impressive given the overall weakness in the retail jewelry category during the holiday season," said Mark Vadon, Executive Chairman.
"The year 2007 was exceptional for Blue Nile -- we delivered outstanding sales growth, even stronger earnings growth, and ended the year with a very healthy cash balance of $123 million. We expanded our market share domestically and made significant progress in our international business.
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