Blue Nile Inc. late Tuesday reported second-quarter earnings that beat Wall Street's expections but still came 15 percent in below year-ago levels.
The online diamond and jewelry retailer posted net income of $3.2 million, or 20 cents per share, for the quarter ended June 29. That's down from $3.8 million, or 23 cents per share, in the second quarter of last year.
Sales rose 2.2 percent to $73.7 million in the quarter from $72.1 million a year ago.
Wall Street on average had expected Blue Nile to report earnings of 17 cents per share on $74.4 million in revenue for the latest quarter, according to a survey of analysts by Thomson Financial.
The Seattle company said international sales grew 179 percent to $8.1 million in the second quarter from $2.9 million a year earlier. Blue Nile said it now ships to nearly 30 countries, up from just four countries a year ago.
Looking ahead, Blue Nile said it expects to report earnings in the range of 15 cents to 17 cents per share for the third quarter and per-share earnings that are roughly even with 2007 levels for the full year. The company projects net sales growth in the mid-single-digit-percentage range for the year.
Blue Nile earned $3 million, or 18 cents per share, on $67.4 million in revenue in the third quarter of 2007. For the full year, the company earned $17.5 million, or $1.04 per share, on revenue of $319.3 million.
Blue Nile's shares rose 74 cents, or 1.9 percent, to $39.52 Tuesday.
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