Sales Dip, Profits Rise at Brilliant Earth
August 12, 24
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler" saw sales dip in Q2, but reported a slight rise in profits.
The total number of orders rose by 3.6 per cent, but the average order value fell by 7.7 per cent to $2,374.
The US-based company, which sells both natural and lab grown diamonds, was pleased with its growth and profitability in the face of "a challenging industry and macroeconomic backdrop".
Net sales for the three months ending 28 June were $105.4m, down 4 per cent year-on-year. Gross profit was up 0.9 per cent to $64.1m.
"We delivered quality order growth, expanded gross margin, and exceeded our profitability expectations," said CEO Beth Gerstein, who co-founded the company in 2005.
"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."
Net income was $1.4m for the second quarter 2024 and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was higher than expected at $5.5m.