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Brilliant Earth Enjoys Sales Bounce
Aug 14, 2022 5:47 AM
By Joshua Freedman
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RAPAPORT... Revenue rose strongly at Brilliant Earth in the second quarter as the US retailer expanded its online-offline model and benefited from higher sales of fine jewelry.
Sales jumped 18% year on year to $108.8 million for the period, the digital-focused jeweler reported Thursday. Net profit dropped 56% to $3.8 million, reflecting an increase in operating expenses.
“We continue to see outsized performance within our fine-jewelry assortment, with growth that far outpaces the business as a whole,” Brilliant Earth chief financial officer Jeff Kuo said in a post-results investor call. “Wedding-band sales were also particularly strong…as the strength of our product assortment and historically robust ‘year of the wedding’ fueled sales.”
The company has opened six new showrooms — physical locations for jewelry viewings — since the end of the first quarter as part of its omni-channel strategy. These were in the metropolitan areas of Bethesda, Maryland; Columbus, Ohio; Houston, Texas; Minneapolis, Minnesota; Cleveland, Ohio; and Detroit, Michigan.
First-half sales rose 28% year on year to $208.8 million, with net profit down 35% at $7.1 million. The company, which became publicly listed in September 2021, maintained its full-year revenue forecast of $450 million to $470 million.
“We remain excited about our business outlook, as we begin the second half of the year, which is reflected in our reaffirmation of our fiscal-year guidance,” said cofounder and CEO Beth Gerstein. “With a proven track record over 17 years and significant opportunities for growth, we believe we are in a great position to extend our industry leadership as the jeweler for the next-generation consumer in the near and long term.”
Shares in Brilliant Earth surged 27% on Friday.
Image: Jewelry from Brilliant Earth’s recent Reflections bridal and fine-jewelry collection.
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Tags:
Beth Gerstein, Bethesda, Brilliant Earth, Cleveland, Columbus, Detroit, e-commerce, houston, Jeff Ku, Jewelry, Joshua Freedman, Minneapolis, retail
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