Blue Nile, the Seattle-based online retailer that specializes in selling luxury goods, announced today that it brought in $103.7 million in sales during the first quarter of 2014, up almost 7 percent from $97.1 million in the year-ago quarter. That missed analyst revenue expectations of $105.44 million for the quarter.
The company reported earnings of 8 cents a share, which was in line with what analysts were expecting. Blue Nile made $1.1 million in profit during the quarter, up almost 30 percent from the same period a year ago.
“As we announce our financial performance, we remain steadfast in our execution of three key initiatives in 2014,” Blue Nile President and CEO Harvey Kanter said in a press release. “These include enhancing the user experience; developing our product lines in bridal and diamond jewelry, as well as fashion pieces through The Designer Collective; and expanding internationally by building our presence in China and growing our established markets.”
One of the things driving the increase in sales is Blue Nile’s partnership with Nordstrom. Starting late last year, the two companies partnered to put cases of Blue Nile jewelry inside Nordstrom stores, and the experiment is going well. Kanter told an audience in Seattle last month that the program had “really good traction.”
Wall Street doesn’t seem all that thrilled with the news. As of this report, Blue Nile’s share price has dropped almost 3 percent from its opening price of $34.56 a share. The company — started by Zulily co-founder Mark Vadon — is now valued at $433 million.
Here’s a more detailed look at the company’s financial results:
