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Expenses cut Blue Nile profits
Seattle – Rising selling, general and administrative (SG&A) expenses resulted in shrinking profits for Blue Nile Inc. during the fourth quarter and fiscal year 2014, despite healthy sales growth. In the fourth quarter, net income dropped 2% to $4.83 million from $4.93 million.
Net sales rose 8% to $157.47 million from $145.96 million. During the full fiscal year, net income fell 12% to $9.73 million, from $10.87 million. Net sales grew 5% to $473.51 million, from $450 million.