EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
FinancialsMay 05, 2016
Engagement Ring Sales Down Again for Blue Nile
The online retailer reported that it sold a total of $56.7 million in diamond engagement rings in the United States in Q1 2016, down from $61 million in Q1 2015.
Seattle--For the second quarter in a row, Blue Nile’s diamond engagement ring sales have slipped, with more people buying their rings on the website but the average sale price declining.
The Seattle-based e-tailer reported Thursday that U.S. engagement sales totaled $61.0 million in the first quarter ended April 3, down 7 percent from $56.7 million in the first quarter 2015.
The decrease comes on the heels of the 8 percent drop in U.S. engagement sales Blue Nile reported in the fourth quarter 2015.
On a conference call held Thursday morning, CEO Harvey Kanter described the first quarter as “challenging,” as it expected. He noted that the company’s average sale price declined and that it continues to see weakness in sales at the high end of the market.
The drop in engagement sales, the company’s core business, dragged down overall sales.
Blue Nile reported a 3 percent year-over-year decline in net sales, from $106.5 million to $103.1 million. Net income was down slightly, from $1.2 million to $1.1 million.
Non-engagement sales, a category that encompasses all other jewelry sold on the website including wedding bands, were up 4 percent from $26 million to $27.1 million.
Executives said on Thursday’s conference call that they continue seeing double-digit growth in wedding band sales while sales of diamond fashion jewelry grew in the mid-single digits. Sales of other fashion jewelry declined.
The company has added another jewelry designer to its Designer Collective, Angela George.
Also on Thursday’s call, executives spoke briefly about the company’s “webrooms,” the physical locations it is opening in malls in New York, Virginia and Oregon where consumers can try on engagement rings; all purchasing, however, still happens online.
Blue Nile has one webroom open so far, in Roosevelt Field Mall on New York’s Long Island.
Kanter said the other New York webroom, plus the ones in Virginia and Oregon, are slated to open by mid- to late summer. He also said that the company is now working on a plan to open additional webrooms in 2017, though he provided no further details on location or timing.
When asked how the company expects the webrooms to contribute to sales volume on the website in the second quarter and next year, Blue Nile Chief Financial Officer David Binder said, “It’s very much a learning period for us. We’ve very optimistic and we’re also very cautious in what a different market may do
relative to the success we’ve had a Roosevelt Field.”
Blue Nile said it anticipates sales of $114 to $117 million in the second quarter and is maintaining its full-year guidance of $465-$495 million in net sales.
Blue Nile said it anticipates sales of $114 to $117 million in the second quarter and is maintaining its full-year guidance of $465-$495 million in net sales.
More on Financials
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
