Blue Nile Q2 Results Miss Estimates; Cuts FY14 Forecast - Quick Facts

(RTTNews) - Blue Nile, Inc. (NILE), am online retailer of diamonds and fine jewelry, reported Tuesday that its second-quarter net income totaled $2.17 million or $0.18 per share, compared to $2.21 million or $0.17 per share a year ago.

On average, 10 analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 1.3 percent to $106.57 million from $108.01 million a year ago. Analysts expected sales of $111.31 million.

Harvey Kanter, Chairman, CEO and President, said, "With these changes we are seeing a return to growth, and when diamond prices normalize, we expect to see even greater benefits from ongoing investments we're making in the user experience."

Looking ahead for the third quarter, the company expects net sales to be between $105 million and $108 million and earnings per share at $0.13 to $0.16. Analysts expect sales of $110.04 million and earnings per share of $0.16.

For fiscal 2014, net sales are expected to be between $475 million and $490 million and earnings per share at $0.81 to $0.86. Analysts expect sales of $490.25 million and earnings of $0.88 per share.

Previously, the company was projecting net sales of $485 million - $510 million and earnings per share of $0.85 - $0.90.