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Blue Nile 3Q sales dip 2.9 percent

November 05, 2008

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Seattle--Net sales at jewelry e-tailer Blue Nile decreased 2.9 percent to $65.4 million for the third quarter ended Sept. 28, compared with $67.4 million for the same period last year, the company announced on Wednesday.

According to the company, a further weakening in the U.S. economic environment caused the decline in top-line growth; however, a disciplined focus on managing the business profitably in a difficult retail climate allowed Blue Nile to achieve its earnings per share guidance.

International sales for the third quarter increased 53 percent to $6.9 million, compared with $4.5 million for the same period last year.

During the quarter, Blue Nile repurchased 593,700 shares of its common stock for $23.2 million. Since the inception of the buyback program in the first quarter of 2005, the company has repurchased 4.4 million shares for a total of $160 million.

The company is excited about the new diamond, gemstone, pearl and silver jewelry it will be introducing for the holiday season; however, its expectation is that "this will be a very challenging holiday season based on the uncertainty in the external environment and extremely cautious consumer spending trends," said Blue Nile Chief Executive Officer Diane Irvine.

Blue Nile is not providing financial guidance for the fourth quarter and fiscal year at this time due to the uncertain economic climate and consumer spending trends.
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