Business
Brilliant Earth Reports Second Quarter 2024 Results
Increased Total Orders by 3.6% and Repeat Orders by 17% Year-Over-YearIncreased Second Quarter 2024 Gross Margin by 320 bps to 60.8%Generated GAAP Diluted EPS
About this update from Brilliant Earth Group, Inc.
[{"type":"text","content":"Increased Total Orders by 3.6% and Repeat Orders by 17% Year-Over-YearIncreased Second Quarter 2024 Gross Margin by 320 bps to 60.8%Generated GAAP Diluted EPS of $0.01 and Adjusted Diluted EPS of $0.03Exceeded Profitability Expectations SAN FRANCISCO, Aug. 08, 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 six months ended June 30, 2024. Second Quarter 2024 Financial Highlights (quarterly period ended June 30, 2024): Delivered net sales of $105.4 million, declining 4% year-over-year, in line with the Company's guidance range Increased total orders by 3.6% and repeat orders by 17% year-over-yearDrove double-digit year-over-year bookings growth in wedding and anniversary bandsIncreased fine jewelry bookings by 29% year-over-yearGrew Average Selling Price (ASP) year-over-year across product lines including engagement rings, wedding bands, and fine jewelry Expanded gross margin by 320 basis points to 60.8% for the second quarter 2024 as compared to the prior yearGenerated strong profitability: Net income was $1.4 million for the second quarter 2024; andAdjusted EBITDA was $5.5 million for the second quarter 2024, exceeding the Company's guidance range On track to open 3 new showrooms in the second half of this year: two in Boston and the Company's first street-level location in New York City “I'm pleased with our ability to manage the business with agility and discipline in the face of a challenging industry and macroeconomic backdrop,” said Beth Gerstein, Co-Founder and Chief Executive Officer of Brilliant Earth. “We delivered quality order growth, expanded gross margin, and exceeded our profitability expectations. We also continue to see strong post-opening metro uplift and compelling 4-wall EBITDA from our showrooms. We are happy with our progress this quarter toward our strategic initiatives to establish Brilliant Earth as the premium jewelry brand for today’s consumer, while making the appropriate investments to set the stage for long-term growth.” Second Quarter Results Q2 2024 Q2 2023 % Change* Total Orders 44,404 42,849 3.6% AOV$2,374 $2,571 (7.7)% ($ in millions, except per share amounts) Net Sales$105.4 $110.2 (4.3)% Gross Profit$64.1 $63.5 0.9% Gross...