Brilliant Earth Group, Inc. Class A ( (BRLT) ) has released its Q3 earnings. Here is a breakdown of the information Brilliant Earth Group, Inc. Class A presented to its investors.
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Brilliant Earth Group, Inc. is a digitally native, omnichannel fine jewelry company specializing in ethically sourced jewelry and leading innovations in lab and natural diamonds. The company is headquartered in San Francisco, CA, and Denver, CO, and operates over 35 showrooms across the U.S., serving customers globally.
In its third-quarter 2024 earnings report, Brilliant Earth reported net sales of $99.9 million, which aligned with the company’s guidance despite a 13% year-over-year decline. The company also introduced a new jewelry collection in collaboration with Dr. Jane Goodall and launched a campaign to promote its diamond innovations.
Key financial highlights include an 11% growth in repeat orders, a 230 basis points increase in gross margin to 60.8%, and GAAP diluted EPS of $(0.01) with an adjusted diluted EPS of $0.02. The company exceeded profitability expectations, reporting an adjusted EBITDA of $3.6 million for the quarter. Additionally, the company expanded its retail presence by opening new locations in Boston and New York City.
Looking ahead, Brilliant Earth management remains optimistic about its position in the market, especially as it enters the holiday season. The company is focusing on enhancing its brand and delivering an exceptional omnichannel experience, aiming for both short and long-term growth in the fine jewelry sector.
