Business
Brilliant Earth Reports Fourth Quarter and Fiscal Year 2022 Results
Delivered 15.7% Net Sales Growth for Fiscal Year 2022 Generated Net Income of $19.0 million and Adjusted EBITDA of $39.0 million for Fiscal Year 2022
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Delivered 15.7% Net Sales Growth for Fiscal Year 2022 Generated Net Income of $19.0 million and Adjusted EBITDA of $39.0 million for Fiscal Year 2022 Generated Q4 GAAP Diluted EPS of $0.05 and Q4 Adjusted Diluted EPS of $0.08 Introduces Fiscal 2023 Outlook SAN FRANCISCO, March 15, 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 and twelve months ended December 31, 2022. Fourth Quarter and Fiscal Year 2022 Highlights (quarterly and annual periods ended December 31, 2022): Delivered net sales of $119.6 million and $439.9 million for the fourth quarter and fiscal year, respectively, achieving a record level of orders for the year and reflecting growing demand for and resonance of the Brilliant Earth brand.Expanded gross margin 360 and 400 basis points to 54.7% and 53.3% for the fourth quarter and fiscal year, respectively, as compared to the same prior year periods, 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: Net income was $6.2 million and $19.0 million for the fourth quarter and fiscal year, respectively; andAdjusted EBITDA was $11.0 million and $39.0 million for the fourth quarter and fiscal year, respectively. Continued omnichannel leadership: In 2022, Brilliant Earth opened 10 new showrooms, bringing its U.S. showroom count to 25 as of year-end. Beth Gerstein, Co-Founder and Chief Executive Officer stated: “We are pleased with our fiscal 2022 performance, which saw Brilliant Earth extend its lead as a transformative, modern fine jeweler for today’s consumer. The year was highlighted by double-digit revenue growth, robust gross margin expansion and strong profitability with the fourth quarter exceeding our bottom line expectations. Our ability to achieve these results in a dynamic environment is a testament to the growing resonance of our Brand, the strength of our product offering, and the discipline with which we execute. I am incredibly proud of our team and the agility and commitment we demonstrate every day.” “Our prioritie...