Blue Nile Posts Declines in Sales and Profits in Fiscal Q1

Retail and Consumer Confidence
06/05/2016 09:14

Internet  loose diamonds and jewelry retailer Blue Nile reported a slight decline in sales of 3.2% in its first fiscal quarter due to a drop in engagement ring sales and a “challenging environment” overall. It posted revenues down to $103.1 million, on the back U.S. sales of engagement jewelry dropping 7%. The seller's profits plunged 9% to $1.1 million, but was more upbeat about its second quarter when it expects sales of $114 million to $117 million which would be a 3% rise on last year. Sales in fiscal year 2016 will also show a 3% increase to between $465 million to $495 million.