By Alan Hatfield
Ethically-sourced jewelry seller Brilliant Earth Group, Inc. (Nasdaq: BRLT) today reported a strong first quarter driven by continued omnichannel sales growth and improving profitability.
Net sales increased to $100 million, a 41.5% increase year-over-year, driven in large part by the brand’s growing popularity among millennial and Gen-Z customers. Total orders increased by 50.2% over the prior year period to 32,372.
Gross margin was reported at 50.1%, a 4.3% improvement on the year, while net income increased 39.9% on the year to $3.4 million, and adjusted EBITDA increased 28.8% on the year to $8.4 million. Adjusted diluted EPS was reported at $0.05.
In a statement, Brilliant Earth Co-Founder and CEO Beth Gerstein commented, “The first quarter saw strength across key operating metrics including robust sales growth, expansion in gross margin and strong profitability. We believe our performance reflects our industry leadership and the excellent execution of our strategy by our talented team. During the quarter, the continued resonance and growing embrace of our brand with millennial and Gen-Z consumers, combined with the successful implementation of our omnichannel growth initiatives contributed to our strong results.”