Engagements were a plenty for the past three months and that was good news for Seattle online jewelry retailer Blue Nile. The company saw its revenues increase 17 percent to $97.1 million during the first quarter of 2013. Profit came in at $832,000, compared with $154,000 in the first quarter of 2012.
This increase is due in large part to a near 20-percent spike in U.S. engagement sales.
“We are pleased to announce significant revenue growth along with expanding profitability in the first quarter of 2013,” said Harvey Kanter, President and CEO of Blue Nile. “Clearly our value proposition continues to resonate with consumers, both in the US and internationally.”
Blue Nile’s international sales grew by nearly 25 percent to $17.6 million in Q1. Despite the good numbers, Blue Nile’s shares were down after hours by more than eight percent.
Blue Nile net sales are expected to be between $440 million and $470 million for 2013.