Blue Nile Reports 19% Rise in Sales in Q2

The firm also announced that founder and Chairman Mark Vadon would be stepping down at the end of the year

Blue Nile, the online retailer of loose diamonds and jewelry, posted a 19-percent jump on the year in net sales in the second quarter to $108 million.

The company said the results had been helped by double-digit growth in sales of engagement rings.

Blue Nile reported a 22-percent increase on the year-earlier period in sales of diamond engagement rings in the United States – the fifth consecutive quarter of double-digit growth. The strongest sales were for engagement rings costing $25,000 and less.

Diamond fashion jewelry sales also jumped, and the retailer announced that it aims to broaden customers’ ability to create their own earrings and pendants. It will also expand its strong-selling Monique Lhuillier-branded engagement rings into the fashion jewelry category in time for the Christmas sales season.

Overseas sales rose 19 percent on a constant-exchange rate basis to $17.1 million, with sales strongest in the Asia-Pacific region and Canada, and lower in Europe.

The firm also announced that founder and Chairman Mark Vadon would be stepping down at the end of the year.

CFO David Binder said the company foresees net sales of $440 million to $470 million for all of 2013 from $400 million in 2012.