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NEW YORK, Feb 12 (Reuters) - Blue Nile Inc's (NILE.O: Quote, Profile, Research) shares plunged over 20 percent on Tuesday after the Web jewelry retailer's outlook for the first quarter of 2008 fell way short of Wall Street expectations.

The company expects a net profit of 11 cents to 14 cents a share in the first quarter, including a stock compensation charge, and forecast sales would be flat with the year-ago quarter, at $67.9 million.

Analysts were expecting a profit of 24 cents a share and sales of $83.3 million, according to Reuters Estimates.
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