Slight Drop in Brilliant Earth's Q4 Sales
March 23, 23
(IDEX Online) - Brilliant Earth, the US-based "ethical jeweler", reported a slight drop in sales for Q4 2022, down 1.9 per cent to $119.6m.
The total number of orders placed by consumers fell by 13.7 per cent, but the average value of those orders rose, also by 13.7 per cent, the company said in its Fourth Quarter and Fiscal Year 2022 Results.
Gross profit for the quarter was $65.4m (a 54.7 per cent gross profit margin), compared to $62.3m (a 51.1 per cent gross profit margin) in Q4 2021.
The company, founded in San Francisco in 2005 as a "digitally native, omnichannel fine jewelry company" is now embracing physical stores. It opened 10 new US showrooms during the year, bringing the total to 25.
Full year results for 2022 saw sales increase 15.7 per cent to $439.9m, with a 26.6 per cent increase in total orders and a 8.6 per cent decrease in average order value.
Beth Gerstein, teh company's CEO, said: "The year was highlighted by double-digit revenue growth, robust gross margin expansion and strong profitability with the fourth quarter exceeding our bottom line expectations.
"We are confident that fiscal 2023 will represent another year of significant accomplishments for Brilliant Earth."
Pic courtesy Brilliant Earth