In 2016, Blue Nile was taken private by Bain Capital Private Equity and Bow Street, a private investment firm, in a $500 million deal.Ī person familiar with the talks between Mudrick and Blue Nile said their exclusive window was about to expire. And it would have marked Blue Nile's return to the public markets. The merger had valued the combined business at the time at $873 million. had said they agreed to combine in a deal that would allow the jewelry brand to go public via a SPAC. It said the transaction will likely not be accretive to the business, however, until the fourth quarter of fiscal 2024.Įven in a down market, Drosos said, the company's strong balance sheet and "dry powder" allowed it to fund an acquisition of Blue Nile to grow market share.Įarlier this year, Blue Nile and special purpose acquisition company Mudrick Capital Acquisition Corp. Signet said the deal, which will be funded with cash on hand, is expected to close in the fiscal third quarter. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Both those updated top- and bottom-line figures are right in line with Wall Street's targets.Best Debt Consolidation Loans for Bad Credit Earnings should clock in at $0.85 per share. This year's revenue is still expected to be just below $500 million, or roughly 4% above 2014's results. "This is a part of our business that is historically volatile and over time we expect growth in this area to return," executives explained in May. After all, that unpredictable business segment was the reason behind last quarter's sales growth miss, according to the company. Management kept their full-year sales and profit outlook unchanged, which suggests this quarter's outperformance could have been driven by a handful of extra high-dollar sales - rings over $50,000 a piece - rather than a broad uptick in demand. "While this takes a bit of patience, we'll continue to move in a balanced direction," Kanter told investors in last quarter's conference call. But, even without the same brand strength, Blue Nile believes it can slowly move toward that profit figure without endangering sales growth. Blue Nile's 3% operating margin is far below the 18% that Tiffany enjoys. Through initiatives like fewer promotions, more targeted marketing, and data analytics surrounding the online purchase process, the company hopes to raise its profitability over time while keeping sales marching higher.
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