Brilliant Earth’s comps grew 3% year-over-year in the second quarter (ended June 30), as the San Francisco-based e-tailer announced it has paid off existing debt while issuing its first-ever dividend.
Sales for the quarter totaled $108.9 million, with the number of orders growing 18% over the prior year, though the average order value (AOV) dropped 12.6%.
In an earnings call following the release of Q2 financial results, Brilliant Earth CEO Beth Gerstein attributed the decline in AOV to increased purchases of fine jewelry, which has a lower price point than bridal, as well as to “strong customer demand in engagement rings under $5,000.”
Overall, Brilliant Earth recorded a $1.1 million net loss for the quarter, but it ended the period with $98.8 million in cash, a 5% jump over last year.
The company also announced it has paid off its term loan balance of $34.8 million, leaving it with zero debt. Brilliant Earth also issued a one-time cash dividend to Class A shareholders of 25 cents per share.
The chain recently opened its 42nd showroom, in Alpharetta, Ga.—its second location in the Atlanta metro area, Gerstein noted.
Second-quarter sales numbers exceeded the company’s previously announced guidance, and its shares rose 32% following the earnings release.
(Photo courtesy of Brilliant Earth)