Brilliant Earth reported “outstanding” results for the second quarter of 2022 (ended June 30), with sales rising 17.8% to $108.8 million, from $92.3 million the prior year.
The San Francisco-based e-tailer’s net income for the quarter was $3.8 million; adjusted EBITDA was $9.6 million. Its gross margin was 53.1%.
In a conference call following the release of its financial results, CEO Beth Gerstein and chief financial officer Jeff Kuo told analysts the following, according to a Motley Fool transcript:
– Its fleet of 21 showrooms “has been and will continue to be a major catalyst for building our brand,” Gerstein said.
Brilliant Earth opened six new showrooms in the quarter, in Bethesda, Md.; Columbus, Ohio; Houston; Minneapolis; Cleveland; and Detroit. It hopes to have around 30 showrooms by the end of the year.
– Kuo said the company hasn’t been particularly impacted by inflation, noting that gold and platinum prices recently came down a bit.
– Its bridal sales have “moderated slightly,” but sales of wedding bands remain strong.
– Around 13% of customers learned about the brand on TikTok.
– The fine jewelry category has “massive potential,” Gerstein said. The company recently introduced a men’s fine jewelry line.
– Gerstein declined to directly comment on the hot industry news of the week: Signet’s acquisition of Blue Nile.
“We think that we are very differentiated in the industry,” she said. “We don’t have a discount orientation. We really invest in providing a luxury distinguished experience for the customer overall. The mission behind everything that we do is really important for us as a company, the same way that it’s important for our customers …
“The products that we offer are also very distinctive. We are constantly introducing new trend-driven collections, and those resonate as well with our customer base. So we’re really very focused on our own strategy and how we can resonate with the millennial and Gen Z audience.”
The company reaffirmed its full-year guidance of $450 million to $470 million in revenue—after lowering it in the first quarter.
A Brilliant Earth showroom. (Image courtesy of Brilliant Earth)Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine