Brilliant Earth Group Inc Reports Financial Results for Q2 2024
Brilliant Earth Group, Inc. Reports Financial Results for Q2 2024
San Francisco, August 8, 2024 — Brilliant Earth Group, Inc. (NASDAQ:BRLT), a global leader in ethically sourced fine jewelry, today announced its financial results for the second quarter ending on June 30, 2024.
Key Financial Metrics
Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate (Current Quarter) |
---|---|---|---|---|
Total Revenue | $105.4 million | $109.8 million | -4.0% | $107.15 million |
GAAP Diluted EPS | $0.01 | $0.09 | -88.9% | $0 |
Adjusted Diluted EPS | $0.03 | $0.05 | -40.0% | N/A |
Net Income | $1.4 million | $1.5 million | -6.7% | N/A |
Adjusted EBITDA | $5.5 million | $6.0 million | -8.3% | N/A |
Gross Margin | 60.8% | 57.6% | +320 bps | N/A |
Interpretation: Despite a 4% year-over-year decline in total revenue, Brilliant Earth managed to generate a GAAP diluted EPS of $0.01 and an adjusted diluted EPS of $0.03, exceeding consensus estimates of $0 in EPS. The company improved its gross margin significantly by 320 basis points to 60.8%, demonstrating robust profit management amidst a challenging environment.
Revenue Performance by Segment
Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
---|---|---|---|
Total Orders | + 3.6% YoY | - | +3.6% |
Repeat Orders | + 17% YoY | - | +17% |
Wedding and Anniversary Bands | Double-Digit% | - | - |
Fine Jewelry Bookings | + 29% YoY | - | +29% |
Interpretation: The company exhibited strong performance across its key segments, particularly with a 17% increase in repeat orders and a 29% year-over-year increase in fine jewelry bookings. This indicates growing customer loyalty and a successful push in fine jewelry and wedding bands.
Key Operational Data
Metric | Q2 2024 | Q2 2023 | YoY Change |
---|---|---|---|
Average Selling Price | Increased YoY | - | - |
Number of Showrooms | On track to open 3 new showrooms in the second half of 2024: two in Boston and one in New York City street-level location | - | - |
Comments from Company Officers
Beth Gerstein, Co-Founder and CEO, commented, "I'm pleased with our ability to manage the business with agility and discipline in a challenging industry and macroeconomic backdrop. We delivered quality order growth, expanded gross margin, and exceeded our profitability expectations."
Dividends or Share Repurchase Program
No dividends or share repurchase programs were announced in the earnings release.
Forward Guidance
Brilliant Earth did not provide specific forward guidance but referenced ongoing strategic initiatives and expansion plans, including the opening of new showrooms later this year.
Stock Price Movement
Following the earnings release, Brilliant Earth’s stock price experienced a 2.06% increase.
In summary, Brilliant Earth demonstrated resilience and strategic growth despite a decline in total revenue. The robust increases in repeat orders and fine jewelry bookings coupled with margin expansion underscore the company's solid performance in a competitive market.
Impressive Revenue Growth in Third Quarter 2024 51Talk Q3 2024 Earnings Report51Talk Online Educat
Costco Wholesale Corporation Reports First Quarter Financial Results
Quanex Building Products Corporation Reports Q4 and Fiscal 2024 Financial Results
Share