In its second-largest acquisition, Amazon buys the company for $970 million.
The contacts and eyewear retailer reports a 117% increase in eyeglass sales.
Coastal Contacts Inc., an online retailer of contacts and eyeglasses, reported a big lift in its eyeglass sales in the second quarter of 2011 compared with the same quarter a year ago.
Coastal Contacts says it will release full financial information for the second quarter in early June, but for eyeglass orders in the quarter ended April 30, the company reported:
- Eyeglass sales of $C10.2 million (US$ 10.53 million), up 117% from $C4.7 million (US$4.85 million) in the prior year quarter.
- Sales of eyeglass frames grew to 162,000 units, up by 238% from 48,000 units in the same quarter of 2010. Of frames sales, 28,000 were to returning customers and 134,000—83%—to new eyeglass customers.
“Coastal continues to experience robust growth in its eyeglasses category,” says Roger Hardy, founder and CEO, Coastal Contacts, No. 117 in the Internet Retailer Top 500 Guide read more about the Guide. “Most encouraging is the large number of returning glasses customers who are driving growth. The value proposition is resonating with customers and beginning to create a strong annuity of repeat order business that will help fund our growth and investment in this very exciting category.”
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?”.