Home / Knowledge / News / Fashion / Blue Nile reports second quarter net sales of $73.7 mn
Blue Nile reports second quarter net sales of $73.7 mn
06
Aug '08
Blue Nile Inc, the leading online retailer of diamonds and fine jewelry, reported financial results for its second quarter ended June 29, 2008.

Blue Nile reported net sales of $73.7 million, up from $72.1 million in the second quarter of 2007. Net income totaled $3.2 million, or $0.20 per diluted share.

"We are pleased that our disciplined focus on profitability across the business enabled us to deliver earnings that exceeded our expectations," said Diane Irvine, Chief Executive Officer.

"We are confident that our differentiated business model will allow us to continue to gain share and further strengthen our competitive position in the industry as we manage through a challenging economic environment in the U.S. We are focused on executing on our initiatives that will continue to enhance the Blue Nile customer experience in all areas, while capitalizing on the significant long-term opportunities for our business."

During the quarter, the Company repurchased 10,500 shares of its common stock for $0.5 million. In the third quarter to date, the Company has repurchased an additional 466,400 shares of its common stock for $18.2 million. Since the inception of the buyback program in the first quarter of 2005, the Company has repurchased 4.3 million shares for a total of $155.0 million.

Selected Financial Highlights:
• International sales for the second quarter grew 179% to $8.1 million, compared to $2.9 million in the second quarter of 2007. Today, Blue Nile ships its products to nearly 30 countries as a result of its recently expanded shipment offering, compared to four countries one year ago.

• Gross profit for the second quarter grew to $15.1 million, or 20.5% of net sales, compared to $14.9 million, or 20.7% of net sales in the second quarter a year ago. Gross profit in the second quarter of 2007 included the benefit of a one-time refund of shipping charges, which increased gross margin by 30 basis points.

• Operating income for the quarter totaled $4.4 million. Operating margin was 5.9% of net sales for the second quarter.

• Selling, general and administrative expenses for the quarter were $10.8 million, compared to $9.9 million in the second quarter of 2007. Selling, general and administrative expenses include stock-based compensation expense of $1.9 million, compared to $1.4 million in the second quarter of the prior year.

• Non-GAAP adjusted EBITDA was $6.8 million for the quarter, consistent with the second quarter of 2007.

• Net income per diluted share for the quarter includes stock-based compensation expense of $0.08, compared to $0.05 for the second quarter of 2007.

• Net cash provided by operating activities totaled $24.2 million for the trailing twelve month period ended June 29, 2008. Non-GAAP free cash flow was $20.5 million for the trailing twelve month period ended June 29, 2008.

• The Company's cash and cash equivalents totaled $47.2 million at June 29, 2008.


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