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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," Blue Nile Chief Executive Officer Diane Irvine said in a media release.

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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