Seattle online jewelry retailer Blue Nile reported a 7.2 percent increase in sales for the fourth quarter to $146 million on net income of $4.9 million, disappointing Wall Street with the results. The stock is down 16 percent on the news, trading at $35.06.
Analysts had expected revenue of $153.4 million.
“Our performance over the past 20 months gives us confidence that exciting times are yet ahead for Blue Nile as we continue to reframe the business,” said Blue Nile CEO Harvey Kanter in a release.
In addition to the earnings news, the company announced that general manager and president of international Vijay Talwar left the company effective yesterday. The former CEO of the William J. Clinton Foundation India had served as the company’s interim CEO and interim CFO, joining the company in 2010. Blue Nile’s international sales grew 6.8 percent in the fourth quarter, and were up 17.3 percent on the yar.
For the year, Blue Nile reported sales of $450 million, up from $400 million in 2012. Operating income for the year was $14.3 million, up from $12.3 million in 2012.
The company, with a market value of $449 million, said it expects sales of $102 million to $108 million for the first quarter.
