Blue Nile sales drop 7.5 percent in '08

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Blue Nile sales drop 7.5 percent in '08

February 19, 2009

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Seattle--Net sales at jewelry e-tail giant Blue Nile were $85.8 million for the 14-week fourth quarter ended Jan. 4, compared with $111.9 million for the 13-week fourth quarter in 2007, the company announced on Thursday.

Excluding sales from the additional week included in this year's fourth quarter, sales for the period totaled $81.9 million.

"The 2008 holiday season was the most challenging one for retailers in four decades, and our business was impacted by the pull back in consumer spending in this weak economic climate," Blue Nile Chief Executive Officer Diane Irvine said in a media release. "Despite the difficult environment, we were able to achieve significant profitability and adjusted EBITDA and, more importantly, strong relative performance for the year."

For the full 53-week year ended Jan. 4, Blue Nile reported net sales of $295.3 million, a 7.5 percent decrease compared with $319.3 million for the 52-week year in 2007.

Excluding sales from the additional week in fiscal 2008, net sales for the period decreased 8.7 percent.

International sales for the fourth quarter totaled $6.9 million, a 4.2 percent decrease from the fourth quarter in 2007.

For the full year, international sales totaled $27.7 million, a 62.9 percent increase compared with sales of $17 million for fiscal year 2007.

Blue Nile said that given the uncertainty surrounding the economic climate and consumer spending, it is not providing financial guidance at this time.

"We are in a strong financial position, with no debt and a healthy cash position, and we are focused on executing on our strategies to extend our leadership position and deliver profitable results," Blue Nile Chief Financial Officer Marc Stolzman said.

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