Leading high-quality diamond retailer Blue Nile Inc reported financial results for its first quarter ended April 2, 2006.
Blue Nile reported net sales of $50.7 million in the first quarter of 2006, compared to net sales of $44.1 million in the first quarter of 2005, an increase of 14.9 percent.
Net income in the first quarter totaled $2.4 million, or $0.13 per diluted share, compared to $2.6 million, or $0.14 per diluted share, in the prior year.
In the first quarter of 2006, the Company adopted the new accounting requirements, SFAS 123R, related to expensing stock-based compensation, which reduced net income by $0.03 per diluted share.
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