Brilliant Earth’s Q3 Sales Climb 33%
It’s the jewelry company’s first time reporting its quarterly results as a public company.
Net sales were up 33 percent year-over-year to $95.2 million, compared with $71.4 million last year.
Net income was $4 million, down by half compared with $8 million in the previous third quarter.
During an earnings call, Chief Financial Officer Jeff Kuo noted the company has increased its marketing investments and had higher employee costs as it prepared to go public and opened new showrooms.
Total orders were up 30 percent while the average order value rose 3 percent.
“We delivered an outstanding third quarter, highlighted by significant growth across our key financial metrics,” said CEO Beth Gerstein during a results call.
“Our strong performance highlights Brilliant Earth’s brand resonance with millennial and Gen Z consumers as we continue to gain share in the jewelry industry.”
For the first nine months of the year, Brilliant Earth’s net sales rose 60 percent to $258.3 million, compared with $163.2 million in the same period last year.
Total orders were up 51 percent while the average order value was up 5 percent.
Net income totaled $14.8 million, up 80 percent compared to $8.2 million in the 2020 nine-month period.
Gerstein noted that the company has been expanding its product offerings, zeroing in on jewelry trends like pearls and personalized jewelry, including zodiac pendants, engravable pieces, and “create-your-own” birthstone jewelry.
Looking to the year ahead, the company expects net sales in the range of $366 million to $369 million, said Kuo during the call.
“While we recognize the majority of the quarter remains ahead of us, we feel that we are strongly positioned for the holiday season.”
Headquartered in San Francisco, Brilliant Earth sells jewelry via its website. It also now has 14 showrooms across the United States.
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