Brilliant Earth Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a decline in both revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, net sales totaled $99.9 million, a decrease of 12.5% from $114.2 million in the prior year. The nine-month figures also reflected a decline, with net sales of $302.6 million, down 6.0% from $322.0 million in 2023. The decrease in sales was attributed to an 11.6% drop in Average Order Value (AOV) and a slight decrease in order volumes.
Gross profit for the third quarter was $60.8 million, down 9.1% from $66.8 million in 2023, while gross profit for the nine months was $183.2 million, a marginal decrease from $184.0 million. The gross margin improved slightly, driven by premium brand offerings and procurement efficiencies. However, the company reported a loss from operations of $1.1 million for the third quarter, a significant decline from an income of $2.0 million in the same quarter of the previous year. For the nine months, income from operations fell to $940,000 from $3.3 million.
Net loss for the third quarter was $1.1 million, compared to a net income of $2.0 million in 2023, while net income for the nine months decreased to $1.4 million from $2.8 million. The basic earnings per share for the third quarter was $(0.01), down from $0.02 in the prior year, while for the nine months, it remained at $0.01, down from $0.03.
The company’s total assets as of September 30, 2024, were $273.2 million, slightly down from $273.6 million at the end of 2023. Stockholders' equity increased to $104.4 million from $97.5 million, driven by an increase in additional paid-in capital and retained earnings. Total liabilities decreased to $168.9 million from $176.1 million.
Brilliant Earth continues to focus on expanding its product offerings and showroom presence, aiming to enhance customer relationships and market share. The company has also entered into agreements for technology services, with minimum contractual payments totaling approximately $2.9 million. Despite the challenges faced, the company remains committed to its mission of creating a sustainable and transparent jewelry industry.
About Brilliant Earth Group, Inc.
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