Brilliant Earth has reported a rise in bridal sales as consumers prepare for the upcoming U.S. holiday season, although the company’s overall revenue has declined.
CEO Beth Gerstein expressed optimism, stating, “As we enter the busy holiday period, we are encouraged by early indications of improvement in the bridal market.”
This increase in bridal sales comes alongside an update to the company’s earnings forecast. Brilliant Earth now expects its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year to range from $14 million to $16 million, up from its previous forecast of $12 million to $16 million announced in August. The company has kept its 2024 sales forecast unchanged, with projected revenue between $410 million and $425 million.
Despite the positive news in the bridal sector, overall sales for the third quarter, which ended on September 30, fell 13% year-on-year to $99.9 million. This decline was attributed to weak consumer demand amid challenging economic conditions and a shift toward lower-priced jewelry. As a result, Brilliant Earth reported a loss of $1.1 million for the quarter, a stark contrast to the $2 million profit during the same period last year.
On a more positive note, the company launched a new jewelry collection in collaboration with Dr. Jane Goodall during the July-to-September period. This launch was described as the company’s most successful to date.
For the first nine months of 2024, Brilliant Earth’s sales dropped 6% year-on-year to $302.6 million. Profit also fell by 51%, reaching $1.4 million.
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