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Brilliant Earth Boosted by Record Mother’s Day Spending

August 10, 2023  |  Leah Meirovich
Brilliant Earth showroom Nashville TN 1280 USED 081023

Revenue at Brilliant Earth rose in the second quarter as the US retailer expanded its brick-and-mortar presence and saw strong Mother’s Day demand.

Sales climbed 1.3% year on year to $110.2 million for the three months ending June 30, the e-commerce-focused jeweler reported Wednesday. A 21% increase in orders offset a 17% decline in the average order value, the company explained. Net profit dropped 67% to $1.2 million, reflecting increased operating expenses. However, the bottom-line performance was better than in the first quarter, when the company incurred a net loss of $400,000.

“We delivered a strong second quarter…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,” said Brilliant Earth CEO Beth Gerstein. “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.”

The company has opened four new showrooms — physical locations where customers can view jewelry — since the end of the first quarter. These were in Chicago, Illinois; Fairfax, Virginia; Miami, Florida; and Walnut Creek, California. The new spaces bring its total US showroom count to 32 as of June 30.

First-half sales were flat year on year at $207.9 million, with net profit plunging 89% to $795,000. The company maintained its full-year revenue forecast of $460 million to $490 million, but it raised its expected earnings before interest, taxes, depreciation and amortization (EBITDA) to between $22 million and $35 million, compared with its earlier announcement of $17 million to $32 million.

“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,” Gerstein added.

Main image: A Brilliant Earth showroom in Nashville, TN. (Brilliant Earth)

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Brilliant Earth showroom Nashville TN 1280 USED 081023 Brilliant Earth Boosted by Record Mother’s Day Spending

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