Another Sales Dip for Brilliant Earth
November 09, 24
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler" saw sales dip again in Q3, down 12.5 per cent to $99.9m.
That was in line with expectations, the company said in its Third Quarter 2024 Results. In Q2 nets sales slipped by 4.3 per cent.
Gross profit for the quarter was down 9 per cent to $60.8m.
Brilliant Earth, which sells both natural and lab grown diamonds, saw its AVO (average order value) down 12 per cent year-on-year in Q3 to $2,337. It fell 8 per cent in Q2.
The company was founded as an online-only business in 2005, but now has 40 bricks and mortar stores in the US.
"Even as we exceeded our profitability guidance, we continued to make strategic, long-term investments in our brand, which was highlighted this quarter by our most successful fine jewelry collection launch yet with the renowned Dr. Jane Goodall," said Beth Gerstein, co-founder and CEO.
"Along with our Rethink Everything You Know About Diamonds campaign, these brand achievements help solidify our leadership in groundbreaking diamond collections and transparent and responsible sourcing practices."