Business
Brilliant Earth Reports Fourth Quarter and Fiscal Year 2023 Results
Growth Rate Exceeded the Industry by an Estimated 750 bps in 2023Exceeded Profitability Expectations and Increased 2023 Gross Margin by 430 bps to
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Growth Rate Exceeded the Industry by an Estimated 750 bps in 2023Exceeded Profitability Expectations and Increased 2023 Gross Margin by 430 bps to 57.6%Generated 2023 GAAP Diluted EPS of $0.04 and 2023 Adjusted Diluted EPS of $0.17Provides Q1 and Full Year 2024 Guidance SAN FRANCISCO, March 14, 2024 (GLOBE NEWSWIRE) -- Brilliant Earth Group, Inc. (“Brilliant Earth” or the “Company”) (Nasdaq: BRLT), an innovative, global leader in ethically sourced fine jewelry, today announced financial results for the three and twelve months ended December 31, 2023. Fourth Quarter and Fiscal Year 2023 Highlights (quarterly and annual periods ended December 31, 2023): Delivered record net sales of $124.3 million and $446.4 million in the fourth quarter and fiscal year, respectivelyGrowth rate exceeded the industry by an estimated 750 basis points in 2023Achieved a record level of orders in the quarter and year, growing 18% and 17% year-over-year, respectivelyDrove 28% year-over-year growth in Q4 product bookings, excluding engagement ringsExpanded gross margin by 400 and 430 basis points to 58.7% and 57.6% for the fourth quarter and fiscal year, respectively, as compared to the same prior year periods Extended profitability track record: Net income was $1.9 million and $4.7 million for the fourth quarter and fiscal year, respectively; andAdjusted EBITDA was $5.3 million and $26.2 million for the fourth quarter and fiscal year, respectively. 2023 represents the Company's fourth consecutive year of positive Adjusted EBITDA. Continued omnichannel leadership: In 2023, Brilliant Earth opened 12 new showrooms, bringing its U.S. showroom count to 37 as of year end. “In 2023 we again reported record net sales, orders and gross margins and completed our fourth consecutive year with positive adjusted EBITDA,” said Beth Gerstein, Co-Founder and Chief Executive Officer of Brilliant Earth. “We estimate that our full year 2023 net sales growth outperformed the industry by 750 basis points, highlighting the value of our premium brand, differentiated proprietary products and seamless omnichannel shopping experience.” “We see significant opportunities in 2024 to gain share, drive near and long-term profitable growth, and deliver long-term shareholder value,” said Gerstein. Fourth Quarter 2023 Highlights Net sales increased 4.0% to $124.3 million compared to $119...