A new forecast from Forrester Research credits greater online spending by Canadians, lower shipping costs and more selection for the spending increase.
Sales of eyeglasses sales grew also 84%.
Canadian online eyewear retailer Coastal Contacts Inc. has posted higher third quarter sales, but profits declined.
For the third quarter of fiscal 2010 ended July 31, Coastal Contacts, No. 110 in the Internet Retailer Top 500 Guide, reported:
- Total sales increased 5.3% to $C39.5 million (US$38.4 million) from $C37.5 million (US$36.5 million) in the third quarter of fiscal2009.
- Sales of eyeglasses grew to $C5.0 million (US$4.9 million) in the third quarter, an increase of 84% over the same quarter in fiscal 2009.
- The company acquired 120,000 new customers.
- Net earnings declined 12.3% to $C529,000 (US$514,193) from $C603,000 ($US586,202) in Q3 of fiscal 2009.
“Results in the quarter were lead by strong growth in North America with healthy double-digit increases in both Canada and the United States,” says Roger Hardy, CEO. “Our markets in Europe experienced flat to single-digit growth.”
For the first nine months of 2010, Coastal Contacts reported:
- Total sales increased 10.3% to $C112.7 million (US$109.5 million) from $C102.2 million (US$99.3 million) in the same period of fiscal 2009.
- Net earnings declined 20.9% I GET 19.0% to $C1.7 million (US$1.6 million) from$C2.1 million (US$2.0 million) in the first nine months of fiscal 2009.