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Blue Nile delivers strong financial results for Q1

07
May '08

Blue Nile Inc reported financial results for its first quarter ended March 30, 2008.

The company posted net sales of $70.5 million, up from $67.9 million in the first quarter of 2007. Operating income for the quarter totaled $3.0 million. Net income totaled $2.6 million, or $0.16 per diluted share.

Net cash provided by operating activities totaled $29.4 million for the trailing twelve month period ended March 30, 2008. Non-GAAP adjusted free cash flow was $24.2 million for the trailing twelve month period ended March 30, 2008.

"We are pleased to have delivered financial results that exceeded our expectations, particularly in light of the weak consumer environment in the U.S.," said Diane Irvine, Chief Executive Officer.

"In this uncertain environment, we are keenly focused on enhancing the Blue Nile customer experience and vigorously managing our costs. We will invest prudently in our business and execute our unique business model to build long-term value for our shareholders."

Irvine concluded, "Our international business continued its rapid growth during the quarter, and we are extremely pleased with the early results of our recent launches into 25 new countries. Customers around the world are embracing the Blue Nile value proposition in increasing numbers."

During the quarter, the company repurchased 990,700 shares of its common stock for $41.7 million.

In a separate release, the Company announced the appointment of Marc Stolzman as Chief Financial Officer. Stolzman will join the Company on June 9, 2008.

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