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The Seattle-based company said net profit came to $2.3 million, or 15 cents per share, compared with $3.0 million, or 18 cents per share, a year ago.
Analysts, on average, had expected earnings of 16 cents, according to Reuters Estimates.
Total sales fell 3 percent to $65.4 million, although international sales rose 53 percent.
Wall Street had been expecting revenues of $68.5 million, on average.
Blue Nile said in August it was prudent to temper its full- year expectations, given tight consumer spending and rising prices for diamonds and metals used in jewelry.
At that time, the company stood by its net earnings outlook for the full year, which it said would approximate those in 2007, when it posted full-year earnings of $1.04 per share.
But it had lowered its 2008 sales outlook, saying it expects sales to rise in the mid-single digit percentage, down from its earlier expectation for 10 percent growth.
On Tuesday, the company said it would not provide financial guidance for the fourth quarter and fiscal year.
"The deterioration in the economic climate and the uncertainty surrounding consumer spending patterns combine to create a lack of visibility into expectations for the upcoming holiday season," said a company statement.
Besides selling jewelry online in the United States and Canada, Blue Nile also ships its products to nearly 30 countries, including Hungary, Spain and New Zealand.
The company's shares fell 7 percent in light trading after closing at $28.25, down 1.7 percent, on the Nasdaq.
(Reporting by Alexandria Sage; Editing by Andre Grenon) Keywords: BLUENILE/
(alexandria.sage@thomsonreuters.com, +1-415-677-3923; Reuters Messaging: alexandria.sage.reuters.com@reuters.net)
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