Blue Nile loses some luster in latest earnings report |
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Blue Nile loses some luster in latest earnings report
Online diamond retailer reported a sharp drop in profit and sales for the first quarter, but the results still beat analyst expectations. The Seattle company's net income dropped nearly 25 percent to $1.9 million, or 13 cents per diluted share, from $2.6 million, or 16 cents per diluted share, the same quarter a year ago. Sales dropped 11 percent to $62.4 million.
Analysts had expected earnings of 10 cents per share and sales of $58.3 million.
CEO Diane Irvine said the company "gained market share in a challenging economic environment" and is showing an ability to "enhance our competitive position in this climate.”
Blue Nile said it benefited from a "declining diamond price environment."
Blue Nile did give second-quarter guidance but Chief Financial Officer Marc Stolzman said, "Sales trends improved in the first quarter compared to the fourth quarter of 2008, and we anticipate further improvement as we progress through 2009 with an expectation that the fourth quarter will post a year-over-year sales increase."
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