Blue Nile sees 3Q EPS of 15 cents to 17 cents

Blue Nile Inc. said Tuesday that it projects earnings in the range of 15 cents to 17 cents per share for the third quarter and earnings per share that are roughly even with 2007 levels for the full year.

The online diamond and jewelry retailer also said it expects 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 Seattle company earned $17.5 million, or $1.04 per share, on revenue of $319.3 million.

Blue Nile on Tuesday posted second-quarter net income of $3.2 million, or 20 cents per share, down from $3.8 million, or 23 cents per share, a year earlier.

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.

Blue Nile's shares rose 74 cents, or 1.9 percent, to $39.52 Tuesday.

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