The following is a summary of the Brilliant Earth Group, Inc. (BRLT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Brilliant Earth reported Q4 net sales of $124.3 million, a 4% increase year-over-year, with the full-year net sales of $446.4 million reflecting a 1.5% increase from the prior year.
The Q4 gross margin stood at 58.7% and the full-year gross margin at 57.6%, showing significant increases over the previous year.
Q4 adjusted EBITDA amounted to $5.3 million and the full-year to $26.2 million.
Inventory was reduced by $1.5 million to $37.8 million by year-end 2023; cash balance increased year-over-year to $156 million as of December 31, 2023.
A share repurchase program was announced authorizing the repurchase of up to $20 million of Class A common stock.
Business Progress:
In Q4, Brilliant Earth saw an 18% year-over-year increase in order volume, with a 17% increase observed throughout 2023.
They successfully expanded product offerings and increased brand awareness, with organic video views showing an upward trend.
12 new showrooms were opened in 2023, with plans to open two to four more in the second half of 2024.
In 2023, Brilliant Earth launched several collections with fine jewelry bookings reaching an all-time high in December.
For 2024, they expect net sales between $455M-$469M and plan to focus on enhancing showroom experiences and implementing technology investments to drive operational efficiency.
Long-term projections for 2027 anticipate the growth rate of net sales to reach the low teens and the adjusted EBITDA margin to reach double-digits.
More details: Brilliant Earth IR
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