Diamond prices affect Blue Nile Q2 results
Seattle – Online specialty jewelry and diamond retailer Blue Nile Inc. reported net income of $2.17 million for the second quarter of fiscal 2014, a 1% drop from $2.2 million in the second quarter of the previous fiscal year. Net sales also decreased 1%, to $1.06.6 million from $108 million.
Blue Nile cited falling diamond prices as having an adverse effect on its financial performance during the quarter.
"The diamond price environment in the second quarter materially impacted our performance,” said Harvey Kanter, chairman, CEO and president. “As a result we executed strategic and targeted price changes to ensure that Blue Nile’s superior value is absolutely clear to the consumer. With these changes we are seeing a return to growth, and when diamond prices normalize, we expect to see even greater benefits from ongoing investments we’re making in the user experience.”
99 Cents Only to reopen six California stores
City of Commerce, Calif. – 99 Cents Only Stores is reopening six stores in California the weekend of Aug. 15 – Aug. 16. On Aug. 15, 99 Cents Only will kick off the grand re-opening celebration of its Concord, Poway and Sanger stores.
On Aug. 16, 99 Cents Only Stores will kick off the grand re-opening celebration of its San Bernardino, Escondido and Rohnert Park stores.
Academy readies supply chain for northern assault
A massive new Academy Sports and Outdoors distribution center in Tennessee is expected to fuel the retailer’s growth for years to come when the 1.6 million-sq.-ft. facility opens in 2016.
Academy’s 178 existing stores are currently supported by distribution centers near the company’s headquarters in the Houston suburb of Katy and the central Georgia community of Jeffersonville. Its new distribution center will be located along I-40 midway between Nashville and Knoxville, providing convenient access to points north. Construction is expected to begin this month followed by hiring in the fall of 2015 in advance of an early 2016 opening. When fully operational the facility will employ roughly 700 people.
"The new distribution center will support the long-term growth and continued expansion of Academy Sports and Outdoors while enabling us to provide our customers with quicker access to their favorite sports, outdoors and lifestyle products for the entire family," said Rodney Faldyn, Academy’s president and CEO.
Academy currently operates stores in Alabama, Arkansas, Florida, Georgia, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. The addition of a large new distribution center in central Tennessee will provide the company added capacity to better serve stores in its existing 13 state trade area while supporting northern expansion into contiguous markets such as Kentucky, Virginia, Illinois and beyond.