Business
Brilliant Earth Reports Outstanding Third Quarter 2022 Results
Delivered 17.0% Net Sales Growth Generated Net Income of $5.7 million and Adjusted EBITDA of $10.0 million Generated GAAP Diluted EPS of $0.05 and Adjusted
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Delivered 17.0% Net Sales Growth Generated Net Income of $5.7 million and Adjusted EBITDA of $10.0 million Generated GAAP Diluted EPS of $0.05 and Adjusted Diluted EPS of $0.07 Updates Fiscal 2022 Revenue Outlook and Expects Adjusted EBITDA within Prior Outlook Range SAN FRANCISCO, Nov. 10, 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 and nine months ended September 30, 2022. Third Quarter 2022 Highlights (quarterly period ended September 30, 2022): Net sales were $111.4 million, a 17.0% increase over the prior year, with strong omnichannel performance across the Company's products.Gross margin expanded by 430 basis points to a record 54.7% for the third 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: Net income was $5.7 million for the third quarter; andAdjusted EBITDA was $10.0 million for the third quarter. Continued omnichannel leadership: In 2022, Brilliant Earth has established new showrooms in 10 cities. These new showrooms are located in Bethesda, Columbus, Houston, Minneapolis, Cleveland, Detroit, St. Louis, Palo Alto, Santa Monica and Baltimore. Beth Gerstein, Brilliant Earth’s Co-Founder and CEO, commented, “We are pleased to report strong third quarter results that continued our favorable positive performance momentum from the first half of the year and represented our fifth consecutive quarter of profitable growth as a public company. Our ongoing strength reflects the growing awareness of Brilliant Earth as a key destination for highly-curated and exclusive jewelry in a joyful omnichannel shopping environment. With an asset light business model and an advantageous data-driven approach that allows us to be nimble, we are confident in our ability to navigate in a dynamic environment while also delivering results. Our third quarter results were highlighted by a 17% increase in sales, a 430 basis point expansion in gross margin with adjusted EBITDA margin of 9%. We saw strength from the introduction of compelling...