Business
Brilliant Earth Reports First Quarter 2023 Results
Exceeded High End of Guidance for both Revenue and Adjusted EBITDA Generated GAAP Diluted EPS of $0.00 and Adjusted Diluted EPS of $0.03 Reiterates Fiscal
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Exceeded High End of Guidance for both Revenue and Adjusted EBITDA Generated GAAP Diluted EPS of $0.00 and Adjusted Diluted EPS of $0.03 Reiterates Fiscal 2023 Outlook SAN FRANCISCO, May 11, 2023 (GLOBE NEWSWIRE) -- Brilliant Earth Group, Inc. (“Brilliant Earth” or the “Company”) (Nasdaq: BRLT), an innovative, digital-first jewelry company and global leader in ethically sourced fine jewelry, today announced financial results for the three months ended March 31, 2023. First Quarter 2023 Highlights (quarterly period ended March 31, 2023): Delivered net sales of $97.7 million, a 2.3% decrease from the prior year, achieving a record level of orders for the first quarter and reflecting growing demand for and resonance of the Brilliant Earth brand.Expanded gross margin by 480 basis points to 54.9% for the first quarter, driven by continued strong brand resonance, differentiated product offerings, performance of the Company's pricing engine, procurement efficiencies and benefits from the Company's enhanced extended warranty program.Generated strong profitability: Adjusted EBITDA was $5.5 million for the first quarter; andNet loss was $0.4 million for the first quarter. Continued omnichannel leadership: In the first quarter of 2023, Brilliant Earth opened three new showrooms, bringing its U.S. showroom count to 28 as of March 31, 2023. Beth Gerstein, Co-Founder and Chief Executive Officer said, “We are pleased with our start to the year, reporting first quarter results that surpassed our guidance. The first quarter marked our seventh consecutive period of consistently strong performance, reflecting continued share gains from the successful execution of our strategy and the discipline and agility with which we execute to drive strong revenue, significant expansion in gross margin, solid profitability, and sustained balance sheet strength.” “Our mission-driven focus to disrupt and transform the jewelry industry and extend our lead as the jeweler for today’s consumer has increased the awareness and resonance of the Brilliant Earth brand with millennial and Gen Z consumers.” Gerstein continued, “We are excited about the opportunities ahead and expect the continued success of our strategic initiatives from product innovation and curation to showroom expansion to be drivers of our growth. When coupled with the unique qualities of our agile, a...