Brilliant Earth Back in Black Amid Bump in Average Selling Price

Brilliant Earth returned to profit in the first quarter as consumers made higher-value jewelry purchases than the previous year. 

Profit came to $1.1 million for the period ending March 31, the company said last week. That compares to a net loss of $440,000 during the equivalent period a year ago. Meanwhile, revenue slipped 0.4% year on year to $97.3 million. 

The bump in profit is the result of a 14% increase in total orders and growth in the average selling price across several product lines, including engagement rings and wedding bands, the company explained.  

Brilliant Earth, which is based in San Fransisco, is predominantly an online business. However, over the last few years, the company has opened a number of showrooms where customers can view merchandise. The jeweler plans to debut three new spaces in the second half: two in Boston and one in New York City, which will be its first street-level location. 

Brilliant Earth expects sales for the second quarter to rise by a low to mid-single-digit percentage, representing a year-on-year decline for the period. Sales for the full year will be between $455 million and $469 million, the company noted. 

“We are beginning the year with positive momentum, and we believe we are in a great position to deliver on our strategic and financial goals for the full fiscal year,” said Brilliant Earth CEO Beth Gerstein. 

Image: A Brilliant Earth showroom in Texas. (Brilliant Earth)