Brilliant Earth, the US-based ethical jeweler, experienced a decline in sales during the second quarter but saw a modest increase in profits.
For the three months ending June 28, the company’s net sales totaled $105.4 million, a 4 percent decrease from the previous year. Despite this, Brilliant Earth reported a 0.9 percent rise in gross profit, reaching $64.1 million.
The total number of orders increased by 3.6 percent. However, the average order value fell by 7.7 percent to $2,374. The company, which offers both natural and lab-grown diamonds, expressed satisfaction with its performance amidst a challenging industry and economic environment.
Beth Gerstein, CEO and co-founder of Brilliant Earth, commented, “We achieved quality order growth, expanded our gross margin, and surpassed our profitability expectations.” She added that the company is pleased with its progress toward establishing itself as a premium jewelry brand and is making investments to ensure long-term growth.
Net income for the second quarter of 2024 was $1.4 million. Additionally, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) exceeded expectations, reaching $5.5 million.
