Vancouver-based Coastal Contacts Inc. (TSX:COA) reported record sales in its third quarter ending July 31, 2009.
Sales rose 15% to a quarterly record of $37.5 million from $32.7 million in sales in the same quarter a year ago. Excluding the impact of foreign exchange rate fluctuations, sales rose 20%.
An increase in the number of orders shipped and a reduction in administrative expenses contributed to the company's quarterly results. The total number of sales rose 15% to 370,882 and general sales and administrative expenses fell 2%. Much of the company's sales growth has come from sales in new markets.
The company reported a quarterly net profit of $600,000 up from $211,000 in the third quarter of 2008.
Coastal Contacts continues to grow its eyeglass sales business with eyeglass sales exceeding $1 million in July for the first time.
Coastal Contacts' share price range during the past week: between $1.18 and $1.24; 52-week high: $1.30; 52-week low: $0.57.