March 11, 2004, 12:00 AM

Jewelry retailer Blue Nile files for an IPO

Blue Nile has filed registration papers with the Securities and Exchange Commission saying it plans to issue 3.5 million shares. It did not specify an expected price.

Kurt Peters

Executive Editor

Seattle-based online jewelry retailer Blue Nile Inc. plans to go public. Blue Nile has filed registration papers with the Securities and Exchange Commission saying it plans to issue 3.5 million shares. It did not specify an expected price. The company says it will use the proceeds for general corporate purposes, including working capital and capital expenditures.

As part of the filing documents, Blue Nile reports that it had revenue of $128.9 million in 2003 and earned $27 million. In 2002, revenue reached $72.1 million and the company earned $1.6 million. Revenue in 2001 was $48.7 million with a loss of $7.4 million.

The Blue Nile web site offers more than 30,000 diamonds and more than 1,000 styles of jewelry, including rings, wedding bands, earrings, necklaces, pendants, bracelets and watches.

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