Brilliant Earth noted an uptick in bridal sales as consumers prepared for the upcoming US holiday season, even as overall revenue dropped.
“As we enter the busy holiday period, we are encouraged by early indications of improvement in the bridal market,” Brilliant Earth CEO Beth Gerstein said last week.
The pickup comes as the jeweler upped its expected earnings before interest, taxes, depreciation and amortization (EBITDA) for the year to between $14 million and $16 million, from the $12 million to $16 million it announced in August. The company has maintained its $410 million to $425 million sales forecast for 2024.
Sales for the third quarter that ended September 30 fell 13% year on year to $99.9 million, reflecting weak consumer demand amid challenging macroeconomic conditions and a gain in share from lower-priced jewelry. Brilliant Earth reported a loss of $1.1 million for the three months, compared to a profit of $2 million during the same period a year ago.
However, the company introduced a new jewelry collection in partnership with Dr. Jane Goodall during the July-to-September period, which it said was its most successful launch to date.
Sales for the first nine months of the year fell 6% year on year to $302.6 million, while profit dropped 51% to $1.4 million.
Image: A Brilliant Earth store in Scottsdale, AZ. (Brilliant Earth)
Stay up to date by signing up for our diamond and jewelry industry news and analysis.
