Brilliant Earth Q3 Sales Rise Despite Headwinds
November 16, 23
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler", saw a slight rise in its Q3 sales but a significant drop in net income as is battled ongoing "industry headwinds".
Net sales were up 2.5 per cent year on year to $114.2m, but net income was down 65 per cent to $2m, the company said in its Third Quarter 2023 Results. Gross profit increased 9.7 per cent to $66.8m due to a 17 per cent increase in volume of orders.
Beth Gerstein, co-founder and CEO of the San Francisco-based company, launched in 2005 as a "digitally native, omnichannel fine jewelry company", said the results highlighted the power of the brand to drive share gains and sustainable profitable growth.
Brilliant Earth has revised its forecast for full-year sales from $460m to $490m, down to $444m to $450m.
"While our quarter-to-date performance has been softer than expected, we are seeing strong momentum as we enter the holiday season," said Gerstein.
"The bulk of the season lies ahead and we believe we are well positioned to deliver another profitable fourth quarter with the largest quarterly sales in our history.
"Most recently, the response to our largest national brand campaign in company history, featuring our new Sol Collection, exceeded expectations and continues to further elevate and grow awareness of Brilliant Earth.
"Our differentiators, including our accelerating brand momentum, omnichannel experience, data driven model, curated and customizable products and our authentic mission, position us well to continue to outperform the industry this holiday season and into the future."
Pic courtesy Brilliant Earth