March 24, 2010, 12:00 AM

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.
“We are encouraged by the record results Coastal has achieved in the first quarter,” says CEO Roger Hardy. “Our vision care business continues to experience significant growth. Key markets such as Canada and the United States experienced sales increases of approximately 50% when measured in their domestic currencies.”

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