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Fine jewelry retailer Blue Nile registers strong earning growth in Q2

03
Aug '05

Highest-quality certified diamonds seller Blue Nile Inc reported financial results for its second quarter ended July 3, 2005.

Blue Nile reported the following highlights for the quarter:

- Second quarter net sales totaled $43.8 million, compared to net sales of $35.0 million in the second quarter of 2004, an increase of 25.1 percent.

- Net income in the second quarter increased 49.9 percent to $2.8 million, or $0.15 per diluted share, from $1.9 million, or $0.11 per diluted share, in the prior year.

- The Company repurchased approximately $6.3 million, or 223,200 shares, of its common stock during the quarter.

- The Company raised its financial guidance for the full year 2005.

"They delivered strong sales and earnings growth for the second quarter," said Mark Vadon, Chief Executive Officer. "Their financial performance reflects outstanding execution across their business, the appeal of their brand among consumers, and the strength of their competitive position."

Mr. Vadon added, "As they look ahead to the second half of 2005, they are confident in their ability to achieve their goals. They are focused on expanding their market share and on further extending their leadership position in online diamond and jewellery retailing."

"They remain committed to providing an exceptional customer experience while delivering strong profitability to their shareholders."

Other Financial Highlights

-Cash and marketable securities totaled $81.4 million at July 3, 2005.

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