US jewellery retailer Brilliant Earth Group Inc. said net sales for the Q3 ended 30 September climbed 17% to $111.4 million over the prior year, with strong omnichannel performance across products. Net profit was $5.7 million for the three-month period, up 43% compared to a net profit of $4 million in Q3 2021.
Gross margin expanded by 430 basis points to a record 54.7% for the Q3, driven by continued strong brand resonance, differentiated product offerings, pricing engine performance, procurement efficiencies and benefits from the company’s enhanced extended warranty program.
Beth Gerstein, Brilliant Earth’s Co-Founder and CEO, said, “As we look to finish the year, the macro headwinds are more difficult than earlier in the year causing us to be more cautious about our fourth quarter revenue outlook. While our top-line expectations have changed, we continue to expect adjusted EBITDA within our previously established outlook range.
“With the key weeks of holiday selling still ahead of us, we are well prepared to take advantage of the season and are confident in our ability to extend our leadership as the jeweller of the next generation consumer in the near and long-term.”