Online diamond and jewelery retailer Blue Nile recorded a 1.3% decrease in revenue from sales, up to $ 106.6 million in the second quarter ended June 29, Rapaport reported. The cost of sales for the reporting period decreased by 1.7% to $ 86.4 million. Blue Nile's profit decreased 1.6% on a year-on-year basis, to $ 2.2 million, equivalent to 18 cents per share.
Sales of engagement jewelry in the US in the second quarter fell by 4.6% to $ 60.9 million, while sales of other products increased by 2.6% to $ 27.7 million.
International sales of the company showed an increase of 4.8% to $ 18 million, and without taking into account currency fluctuations, growth is estimated at 6.7%. The value of the commodity stocks of Blue Nile decreased by almost 7% compared to the same period last year to $ 32.1 million.
"Our results for the second quarter were significantly influenced by the situation on the diamond market and the dynamics of prices. As a result, we have changed product prices to ensure that Blue Nile customers benefit from the purchase, "said Harvey Kanter, chairman and CEO of the company. "After these changes, we expect that sales will start to grow again, and when the prices for diamonds are normalized, we are counting on even greater profits from attracting customers."