The company reported a profit of $1.1 million for the period ending March 31, a significant turnaround from the net loss of $440,000 during the same period last year. Despite a marginal 0.4% decrease in revenue year-on-year to $97.3 million, the bump in profit was notable.
This increase in profit is attributed to a 14% surge in total orders and a rise in the average selling price across various product lines, notably engagement rings and wedding bands, according to the company.
While Brilliant Earth primarily operates online, it has been expanding its physical presence with showrooms in recent years. The company is set to unveil three new spaces in the latter half of the year, including two in Boston and its inaugural street-level location in New York City.
For the second quarter, Brilliant Earth anticipates a slight rise in sales by a low to mid-single-digit percentage, marking a year-on-year decline for the period. However, the company remains optimistic, forecasting sales for the full year to range between $455 million and $469 million.
Beth Gerstein, CEO of Brilliant Earth, expressed confidence in the company's outlook, stating, “We are commencing the year with positive momentum and are poised to achieve our strategic and financial objectives for the fiscal year ahead.”
