IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
FinancialsFeb 12, 2016
Blue Nile to Open Second Brick-and-Mortar Spot
The announcement comes as the e-tailer reports “disappointing” fourth quarter results, with U.S. engagement ring sales slipping nearly 8 percent.
Seattle--Blue Nile said Thursday that its second physical location will open in early summer at a mall in suburban New York City, and that continued expansion of its “webroom” concept is one of its focal points coming off a disappointing fourth quarter.
Net sales for the fourth quarter ended Jan. 3, 2016 totaled $150 million, down 5 percent from the fourth quarter 2014, when sales reached $157.4 million.
For the fiscal year, net sales reached $480.1 million, an increase of 1 percent.
Blue Nile’s 2014 fiscal year, however, contained an extra week, which fell in the fourth quarter. Excluding the impact of that extra week, sales were down 1 percent year-over-year in Q4 and up 3 percent on the year.
In the United States, it was the e-tailer’s engagement ring sales that were hit the hardest in the fourth quarter, falling 8 percent from $85 million to $78.4 million. For the full year, engagement ring sales totaled $269.9 million, a 1 percent increase over 2014.
Non-engagement net sales were down just 0.3 percent in the fourth quarter and rose 2 percent for the year.
International sales were up 5 percent and 10 percent on a constant-exchange-rate basis for the fourth quarter and full year, respectively.
Chairman, President and CEO Harvey Kanter said Thursday that lower selling prices for its core engagement ring products and weakness in sales at the high end contributed to what he described as a “disappointing” fourth quarter.
“As we look out on 2016, we will push harder on elements that are working: engagement ring units, wedding band attach rates, continued expansion of margin and the webroom concept,” he said.
In June 2015, Blue Nile opened its first physical location, a webroom where consumers can handle and try engagement rings and interact with a salesperson. All the buying, though, still happens online through BlueNile.com; customers do not walk out of the store with any physical merchandise in hand.
On Thursday, the company announced that it will open its second webroom at The Westchester, a mall in White Plains, N.Y. that’s about 40 miles from its first brick-and-mortar location at the Roosevelt Field Mall in Garden City, N.Y.
Both communities are suburbs of New York City.
Blue Nile said the White Plains store is the first of “up to four” physical locations it plans to open this year, reiterating what Kanter said on the e-tailer’s third quarter earnings call
back in November.
Chief Merchandising Officer Julie Yoakum said the first webroom “greatly exceeded our expectations,” and that “the efficiencies of the webroom and our online model allow us to simultaneously leverage and disrupt the brick-and-mortar experience.”
Looking ahead to 2016, Blue Nile said it expects first quarter sales to total between $103 and $106 million. For the full year, net sales are expected to range between $465 and $495 million.
Chief Merchandising Officer Julie Yoakum said the first webroom “greatly exceeded our expectations,” and that “the efficiencies of the webroom and our online model allow us to simultaneously leverage and disrupt the brick-and-mortar experience.”
Looking ahead to 2016, Blue Nile said it expects first quarter sales to total between $103 and $106 million. For the full year, net sales are expected to range between $465 and $495 million.
More on Financials
The Latest
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
