Brilliant Earth Group increased sales by 41.5% in the first quarter

Brilliant Earth Group, an innovative digital jewelry company and a global leader in fine jewelry, announced its first-quarter 2022 sales of $100 million, up 41.5% year-on-year. The company's net income for the first quarter was $3.4 million.
Beth Gerstein, Brilliant Earth’s Co-Founder and CEO, commented, “We are pleased to report a strong start to fiscal 2022.   The first quarter saw strength across key operating metrics including robust sales growth, expansion in gross margin and strong profitability.   We believe our performance reflects our industry leadership and the excellent execution of our strategy by our talented team.   During the quarter, the continued resonance and growing embrace of our brand with millennial and Gen-Z consumers, combined with the successful implementation of our omnichannel growth initiatives contributed to our strong results. This combined with our distinctive designs, mission-driven ethos, capital-efficient negative working capital model and obsessive customer focus provide us with a powerful platform to deliver sustained profitable growth."
"As the second quarter progresses," Gerstein continued, "we are seeing impact from the uncertain geopolitical and macroeconomic environment, reflected in moderating sales trends and in our updated outlook.   Notwithstanding this, we expect to deliver strong sales growth and profitability in fiscal 2022 and believe our asset light and data driven operating model will serve to further separate us from peers in the current environment.   Overall, we remain well positioned to deliver on our mission, extend our leadership and gain market share in the jewelry industry.”