Brilliant Earth Sales Rise in the First Quarter

Brilliant Earth saw its sales climb in the first quarter as fine jewelry and Valentine’s Day results improved.

The company’s net sales advanced 6% year on year to $99.5 million for the three months that ended March 31, it said last week. Its net loss widened to $8.8 million from $3.5 million a year prior, with the company reporting a rise in sales costs for the quarter.

“What I am most proud of this quarter is the ongoing strength and resonance of our brand. Valentine’s Day was a record, with bookings up 9% year over year during the two-week peak shopping period,” Brilliant Earth cofounder and CEO Beth Gerstein said in an earnings call transcribed by The Motley Fool. “We have been intentional about elevating our product assortment and strategically focusing on attracting new customers at higher price points…. In the first quarter, we acquired nearly 40% more new fine-jewelry customers whose first purchase was $500 or more compared to the first quarter of last year.”

Brilliant Earth is headquartered in San Francisco and currently has 42 showrooms in the US. During the quarter, it opened a new showroom in Beverly Hills, California.

The diamond jeweler predicted sales for the second quarter would grow by low single digits, and by mid single digits for the full year.

Image: Diamond rings from Brilliant Earth’s Truly Brilliant collection. (Brilliant Earth)