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Brilliant Earth Sales Jump Ahead of Holidays
Nov 14, 2021 10:39 AM
By Rapaport News
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RAPAPORT... Brilliant Earth expressed optimism for the holiday season after recording a sharp jump in revenues during the third fiscal quarter.
Sales rose 33% year on year to $95.2 million in the three months ending September 30, the US retailer said Friday in its inaugural earnings report as a public company. The total number of orders increased 30% to 28,855, while net profit slipped 51% to $4 million.
Brilliant Earth, which specializes in selling ethically sourced diamonds and jewelry, launched its stock-exchange listing on September 27. The company’s business model is based around both standard e-commerce and its 14 showrooms, which help attract customers in key cities.
“Our omni-channel strategy is working,” said Jeff Kuo, the company’s chief financial officer, in an investor call following the results. “Our website and showrooms contributed to our strong third-quarter sales growth.”
While demand was solid across the company’s products, revenue from fine jewelry — an emerging segment for the business — more than doubled year on year for the third consecutive quarter, Kuo added.
Sales for the first nine months of 2021 surged 58% year on year to $258.3 million, while net profit leaped 81% to $14.8 million. The company forecast full-year sales of $366 million to $369 million, representing an increase of up to 47% over 2020.
“We…have minimal exposure to geographies that are experiencing major supply-chain disruptions,” CEO Beth Gerstein added. “And with our new product assortment, gifting and omni-channel experiences, we believe that we are well poised to succeed and thrive during the holiday quarter.”
Image: Brilliant Earth jewelry. (Brilliant Earth)
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Tags:
Beth Gerstein, Brilliant Earth, Jeff Kuo, Jewelry, Rapaport News, retail, US
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