Business
Brilliant Earth Reports Second Quarter 2023 Results
Generated Record Q2 Orders and Exceeded Profitability Expectations Generated GAAP Diluted EPS of $0.01 and Adjusted Diluted EPS of $0.04 Raises Fiscal 2023
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Generated Record Q2 Orders and Exceeded Profitability Expectations Generated GAAP Diluted EPS of $0.01 and Adjusted Diluted EPS of $0.04 Raises Fiscal 2023 Profitability Outlook SAN FRANCISCO, Aug. 09, 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 six months ended June 30, 2023. Second Quarter 2023 Highlights (quarterly period ended June 30, 2023): Delivered net sales of $110.2 million, a 1.3% increase from the prior year, achieving a record number of orders for the second quarter and reflecting growing demand for and resonance of the Brilliant Earth brand.Expanded gross margin by 450 basis points to 57.6% for the second quarter, compared to the second quarter of 2022, 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 $1.2 million for the second quarter.Adjusted EBITDA was $7.7 million for the second quarter; and Continued omnichannel leadership: In the second quarter of 2023, Brilliant Earth opened four new showrooms, bringing its U.S. showroom count to 32 as of June 30, 2023. Beth Gerstein, Co-Founder and Chief Executive Officer said, “We delivered a strong second quarter, highlighted by: increased revenue with sustained growth on a four-year CAGR basis; expansion in gross margin and an adjusted EBITDA that exceeded our expectations, reflecting the increasing resonance of our premium brand, the agility with which we execute and the advantages of our asset light, data-driven operating model. During the quarter, we delivered our best Mother’s Day gifting performance in our history while also continuing to grow our market share and expanding our showroom footprint.” “We enter the second half of the year with positive momentum for our Brand, strong demand for our distinct and curated bridal and fine jewelry, and continued confidence in our full year growth goals.” Second Quarter 2023 Financial Highlights Net sales were $110.2 million, compared to $108.8 million in the second quarter of 2022, with 21.2% growth in Tota...