Online jewellery retailer Blue Nile announced that sales in its fourth quarter decreased 4.8 percent to US$150 million, due to the continued weakness in high-ticket purchases and foreign currencies. Selling prices for core engagement products dropped.
US engagement ring sales decreased 7.7 percent to US$78.4 million compared to US$85 million for the fourth quarter of 2014. For the fiscal year ended 3January 2016, net engagement ring sales increased 1.3 percent to US$269.9 million compared to US$266.4 million a year prior. Blue Nile reported that total net sales increased 1.5 percent to US$480.1 million in 2015 compared to US$473.5 million in 2014.
The company registered US$48.7 million worth of non-engagement sales in the quarter, down 0.3 percent over the same period a year previously. On an annual basis, however, non-engagement sales increased 1.8 percent to US$128.3 million.
The company estimates that net sales in the first quarter of 2016 will be between US$103 million and US$106 million. Its prediction for the end of the 2016 fiscal year is net sales of US$465 million to US$495 million.
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