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Coastal Contacts sees a 10% jump in annual online sales
Fourth quarter 2009 sales increase by 7% for the online eyewear retailer.
Senior Editor, Research
Canadian eyewear e-retailer Coastal Contacts Inc. finished fiscal 2010 year with double-digit sales growth.
For the year, Coastal Contacts reported:
- Total sales increased about 9.5% to $C153.2 million (US$151.7 million) from $C139.9 million (US$138.5 million) in fiscal 2009.
- Net earnings grew by about 14.8% to $C3.1 million (US$3.0 million) from $C2.7 million (US$2.7 million).
- Sales of eyeglasses totaled $C20 million (US$19.8 million), a 113% increase from about $C9.4 million (US$9.3 million) in 2009.
- Total order volume went up about 14.3% to 1.6 million orders from about 1.4 million in fiscal 2010.
- Repeat customers accounted for more than 71% of total orders.
“Our emerging eyeglasses category is driving top-line growth, increasing 113% over 2009,” says Roger Hardy, president and CEO. “Sales of eyeglasses were $20 million in 2010 and we expect this growth trend to continue in the coming year. We are directing more of our growth investments toward our eyeglasses offering which targets a market almost 10 times the size of the contact lens market and one which we believe will prove more lucrative over the long term,” he says.
For the fourth quarter of fiscal 2010 ended Oct. 31, Coastal Contacts, No. 110 in the Internet Retailer Top 500 Guide reported:
- Total sales increased 7.4% to $C40.5 million (US$40.1 million) from $C37.7 million (US$37.3 million) in the fourth quarter of fiscal2009.
- Sales of eyeglasses grew to $C6.0 million (US$5.9 million). Coastal Contacts did not break out 2009 Q4 eyeglasses sales.
Net earnings grew by 116% to $C1.4 million (US$1.4 million) from $C648,000 (US$641,000) in the prior year quarter.