The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Sales grew, but profits didn’t for Coastal Contacts in Q1
Coastal Contacts started off the new fiscal year with a 14.7% spike in sales, but a 22.5% drop in profits.
Canadian online eyewear retailer Coastal Contacts Inc. started off the new fiscal year with a nice spike in sales, but a drop in profits.
For the first quarter of fiscal 2010 ended Jan. 31, Coastal Contacts, No. 118 in the Internet Retailer Top 500 Guide, reported:
- Sales increased 14.7% to C$35.9 million ($35.2 million) from C$31.3 million ($30.7 million).
- Net earnings declined year over year 22.5% to C$750,000 ($736,045) from C$968,000 ($950,034).
- Sales of eyeglasses increased about 181.5% to C$3.80 million ($3.72 million) from C$1.35 million ($1.32 million).
- Total order volume exceeded 347,000.