Business
Brilliant Earth Reports Outstanding First Quarter 2022 Results
Delivered 41.5% Net Sales Growth Generated Net Income of $3.4 million and Adjusted EBITDA of $8.4 million Generated GAAP Diluted EPS of $0.03 and Adjusted
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Delivered 41.5% Net Sales Growth Generated Net Income of $3.4 million and Adjusted EBITDA of $8.4 million Generated GAAP Diluted EPS of $0.03 and Adjusted Diluted EPS of $0.05 Updates Fiscal 2022 Outlook SAN FRANCISCO, May 12, 2022 (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, 2022. First Quarter 2022 Highlights (quarterly period ended March 31, 2022): Net sales were $100.0 million, a 41.5% increase over the prior year, with strong omnichannel performance across the Company's products.Gross margin expanded by 432 basis points to 50.1% for the first quarter, driven by continued strong brand resonance, performance of the Company's price optimization engine and procurement efficiencies.Generated strong profitability: Net income was $3.4 million for the first quarter; andAdjusted EBITDA was $8.4 million for the first quarter. Continued omnichannel leadership: Since the end of the first quarter, Brilliant Earth has opened 3 new showrooms. These new showrooms are located in Bethesda, Maryland (the Company's second location in the greater Washington, D.C. metropolitan area), Columbus, Ohio and Houston, Texas. Beth Gerstein, Brilliant Earth’s Co-Founder and CEO, commented, “We are pleased to report a strong start to fiscal 2022. The first quarter saw strength across key operating metrics including robust sales growth, expansion in gross margin and strong profitability. We believe our performance reflects our industry leadership and the excellent execution of our strategy by our talented team. During the quarter, the continued resonance and growing embrace of our brand with millennial and Gen-Z consumers, combined with the successful implementation of our omnichannel growth initiatives contributed to our strong results. This combined with our distinctive designs, mission-driven ethos, capital-efficient negative working capital model and obsessive customer focus provide us with a powerful platform to deliver sustained profitable growth.\" \"As the second quarter progresses,\" Gerstein continued, \"we are seeing impact from the uncertain geopolitical and macroeconomic environment, reflected in moderating sales trends an...