Retail and Manufacturing

Eyeglasses sales help Coastal Contacts achieve record year

Thu Dec 20, 2012 10:00am PST

The world's largest online eyewear seller, Coastal Contacts Inc. (Nasdaq: COA; TSX:COA), yesterday reported a record $196 million in sales during its fiscal year ended October 31.

Most of that growth came from increased sales of eyeglasses, as opposed to contact lenses, which continue to comprise the bulk of the company's business.

Total sales rose 7% to $196.1 million from $182.7 million in 2011. Of that, contact lens sales inched up 3% to $148.2 million from $143.5 million in 2011 while eyeglasses sales jumped 22% to $48 million from $39.7 million in 2011.

The company also trimmed its net loss for the year to $4.9 million from $5.3 million in 2011.

"A particular highlight was growth of 100% year-over-year in the U.S. eyeglasses market during the fourth quarter, which was in line with our expectations and remains a key focus for the company," said Coastal Contacts CEO Roger Hardy.

"We believe the eyeglasses category holds significant potential for both rapid growth and earnings expansion as markets develop."

The company manufactures its eyeglasses at the Broadway Tech Centre where it has invested in grinding machines.

The company ended the fiscal year with $19.2 million in cash and equivalents, compared with $16.9 million in cash and equivalents in 2011.

"We have sufficient working capital to execute in our business plan going forward," Hardy said.

gkorstrom@biv.com

@GlenKorstrom

Tags: Roger Hardy, Coastal Contacts Inc.



Things You Might Like »

Articles

Lists & Data


Comments »


NOTE: In order to comment, you must be a registered BIV.com user and be logged into your user account. If you do not have a BIV.com account, you may register here. If you have one of the following accounts: Google, Facebook, Twitter, Yahoo, OpenID, you are also able to comment, just click "Post as" button and then log into one of these services via Disqus.

blog comments powered by Disqus

Featured Video


Popular News



Upcoming Events