Brilliant Earth Group tumbles on 2022 sales forecast cut

Brilliant Earth

11/11/2022 15:21

** Shares of jewelry maker Brilliant Earth Group Inc
 BRLT.O  fall as much as 33% to one-month low of $5.40
    ** Stock last down ~28%, on course for worst day since May
2022
    ** Company cut full-year 2022 sales forecast on Thursday
after market close as rising inflation dampens demand for
discretionary products 
    ** BRLT now expects 2022 net sales between $436 mln and $446
mln, compared with previous expectation of $450 mln to $470 mln 
    ** Company also forecast Q4 net sales below analysts'
expectation 
    ** J.P. Morgan cut price target to $10 from $11 and Raymond
James to $9 from $10 
    ** However, BRLT beat Q3 profit estimates 
    ** Stock has fallen 69% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))