Seattle E-commerce jeweler Blue Nile reported late Thursday a profit of $1.9 million for fiscal third quarter, ended April 5, nearly a 25% drop compared with $2.6 million for the same time frame a year earlier.
The retailer also reported an 11% slip in sales, down to $62.4 million, vs. $70.5 million in first quarter 2008.
International sales totaled $5.6 million in the quarter, a decrease of 3.4% from $5.8 million in first quarter 2008. The company blames the drop on the impact of the stronger dollar and difficult macroeconomic conditions.
The jewelry segment has felt the fallout of the soft economy, however the company anticipates improvements looking ahead. While the retailer declined to share financial guidance in a volatile economy, Blue Nile did report that it expects the fourth quarter to post a year-over-year sales increase, Marc Stolzman, Blue Nile CFO, said in a company statement.