The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
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.