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Diamond E-tailer BlueNile on Pace for Record Sales.
Internet diamond retailer Blue Nile Inc.'s third quarter of fiscal 2005 results were reported after the markets closed on November 8. Net sales were $42 million, a drop of $2 million from its second quarter, but 24 percent higher than one year earlier. Its third quarter net sales were also lower than its first quarter sales of $44 million.
Net income for the third quarter rose 49 percent to $2.5 million. Net cash provided by operating activities for the quarter ending October 2, 2005, stood at $6.6 million, compared with $3.3 million in the third quarter of 2004.
Gross profits were $9.2 million or 22 percent of net sales, both figures were less than Blue Nile reported during its second quarter of 2005.
Blue Nile excercised a share buy-back of 199,975 shares for about $6.5 million.
"Our third quarter financial performance reflects the strength of the Blue Nile consumer proposition," said Mark Vadon, CEO. "Our results demonstrate the appeal of the Blue Nile brand, the strength and potential of our business model, and our ability to execute with excellence for our customers."
Vadon said he was looking forward to "the upcoming holiday season in which we expect to achieve record sales levels, while continuing to provide our customers with an exceptional experience."
Blue Nile predicts full year sales, ending January 1, 2006, to hit between $205-$212 million, which would require fourth quarter sales of more than $75 million.
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