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Blue Nile 2Q sales show improvement

August 07, 2009

Seattle--Net sales for online jewelry retailer Blue Nile Inc. decreased 5.2 percent to $69.9 million for the second quarter ended July 5, the company announced on Thursday.

According to Blue Nile, this represents a significant improvement in sales trends compared with an 11.4 percent sales decline in the first quarter of 2009 and a 23.3 percent sales decline in the fourth quarter of 2008.

"Blue Nile delivered excellent financial results in a challenging retail environment, with strong profitability and market share gains," Blue Nile Chief Executive Officer Diane Irvine said in a media release. "We are managing with focus and discipline throughout the business, enabling us to drive a record level of adjusted EBITDA for a non-holiday quarter. Our financial performance reflects the way in which the Blue Nile brand and our compelling value proposition are resonating with consumers."

International sales for the period totaled $7.1 million, a decrease of 12.3 percent from the second quarter of 2008.

According to Blue Nile, this decrease was driven almost entirely by the impact of changes in foreign exchange rates due to the stronger U.S. dollar versus last year. Excluding the impact from foreign currency, international sales declined 1.2 percent.

Blue Nile also experienced continued economic weakness in key markets, particularly the United Kingdom, the company said.

Looking ahead, Blue Nile anticipates further improvement in sales. For the third quarter, in particular, the company expects sales will be flat to slightly down compared with last year.

"We are projecting full-year net sales between $288 million and $295 million, and diluted EPS in the range of $0.78 to $0.82," Blue Nile Chief Financial Officer Marc Stolzman said in the release.
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