The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Coastal Contacts sees a nice increase in Q1 sales
The online retailer reported quarterly sales of $40.6 million.
Coastal Contacts Inc., a web retailer of eyeglasses and contact lenses, reported record Q1 sales.
For the first fiscal quarter of 2011 ended Jan. 31, Coastal Contacts Inc. reported:
- Web sales hit a new high of C$40.6 million (US$41.5 million), a 13.1% increase from C$35.9 million (US$36.7 million) in the first quarter of the previous fiscal year.
- Eyeglasses shipments of C$6.3 million (US$ 6.44 million), a 65.8% increase from C$3.8 million (US$3.88 million). Coastal Contacts, No. 110 in the Internet Retailer Top 500 Guide, also had a backlog of more than 15,000 orders or an additional C$1 (US$1.02 million) in pending eyeglasses orders at the end of the quarter.
- Total order volume was about 454,000, an increase of 30.8% from about 347,000 last year.
- Net loss was C$2.4 million (US$2.45 million) compared with net income of C$700,000 (US$715,588) in the first quarter of fiscal 2010.
“Thanks to our customers it was a healthy first quarter in our seasonally weakest period,” says Roger Hardy, Coastal CEO. “We had a very strong January that included sales of more than C$15.3 million (US$15.64 million) and a one-week period that generated C$1.6 million (US$1.63 million) in eyeglasses orders. Coastal added 73,311 new eyeglasses customers to our growing database of online eyeglasses purchasers. Overall it’s a strong start to the year.”
The company also reported a record of about $2 million in eyeglasses orders last week. Total units for the period were more than 28,000 pairs of eyeglasses.
Glen Kayll, chief financial officer at Coastal Contacts, will be speaking at the Internet Retailer Conference & Exhibition 2011 in San Diego in June in a session titled “How much is my business worth?”.