Eyeglasses sales help Coastal Contacts achieve record year

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 ...

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

comments powered by Disqus

More from Retail & Manufacturing

Amazon offers free same-day delivery in Vancouver

Offer only valid for people who buy Prime memberships for $80 per year

Read Article

BIV on Global BC September 26, 2016: Aritzia IPO; Airbnb in Toronto

Hayley Woodin discusses Aritzia boosting its IPO size due to demand. Plus: A new report shows Airbnb's impact in Toronto

Read Article

Tsawwassen Mills tackles major recruitment crunch

Mega-mall to operate employee shuttle while retailers pay wages higher than minimum wage

Read Article

Avcorp lands Boeing contract (Updated)

Delta aerospace company to manufacture components for Boeing passenger jets

Read Article

BIV on Global BC September 22, 2016: Kit & Ace layoffs; City's ...

Hayley Woodin discusses layoffs at Vancouver-based Kit & Ace. Plus: The City of Vancouver announces a living wage policy

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×