In its second-largest acquisition, Amazon buys the company for $970 million.
Total sales increased by 12.1% for the online eyewear retailer.
Online eyewear retailer Coastal Contacts Inc. has closed the books on a healthy second quarter for fiscal 2010.
For the second quarter of fiscal 2010 ended April 30, Coastal Contacts, No. 110 in the Internet Retailer Top 500 Guide, reported:
Total sales increased 12.1% to $C37.318 million (US$36.441 million) from $C33.301 million (US$32.518 million) from the second quarter of fiscal 2009.
- Sales of eyeglasses rose year over year 136.2% to $C4.7 million (US$4.55 million) from $C1.99 million (US$1.92 million).
- Total orders exceeded 384,000.
- The number of newly acquired customers reached 104,000.
- Net earnings declined 27.7% to $C382,000 (US$370,033) from $C528,000 (US$511,460).
“Coastal continues to demonstrate organic growth in the contact lens category in key markets around the world, particularly in Canada and the United States,” says CEO Roger Hardy.
For the first half of fiscal 2010 ended April 30, Coastal Contacts also reported:
- Total sales increased 13.3% to $C73.226 million (US$70.944 million) from $C64.643 million (US$62.631 million) from the second quarter of fiscal 2009.
- Net earnings declined 24.3% to $C1.132 million (US$1.096 million) from $C1.496 million (US$1.449 million).
“In approximately two years we have built a significant eyeglasses business that culminated in over 60,000 pairs of eyeglasses being shipped during the quarter and $4.7 million in sales, predominantly in North America,” says Hardy. “This quarter’s operating results are consistent with the financial model we used to establish our $20 million eyeglasses sales goal this year.”