A lot of folks must have spent the Spring months popping the question. Seattle online jewelry retailer Blue Nile saw its revenues increase 13 percent to $91 million during the second quarter, largely due to an uptick in engagement ring sales. For the quarter, Blue Nile tallied $52.4 million in sales in the engagement category, up from $43.9 million for the same period last year.
It also said that its new customer count grew by 32 percent, perhaps all of the new married couples to be.
“We are pleased to report significant revenue growth along with improved profitability, and we are especially excited about the continued acceleration in the sales of engagement products. This affirms that our current strategy is working, particularly with favorable conditions in the diamond supply market,” said CEO Harvey Kanter.
For the full year, Blue Nile said it expects revenue in the range of $384 million and $417 million.
Shares of the company soared 23 percent in after hours trading following the earnings report, jumping more than $5 to $28.98.
Full report here.
