In its second-largest acquisition, Amazon buys the company for $970 million.
Repeat shoppers accounted for 67% of total orders.
Canadian eyewear retailer Coastal Contacts Inc. continues to generate more web sales from its best repeat shoppers.
For the second quarter of fiscal 2011 ended April 30, Coastal Contacts, No. 117 in the Internet Retailer Top 500, reported:
- Total sales increased about 17.4% to $C43.8 million ($44.5 million) from $C37.3 million ($37.9 million) in Q2 fiscal 2010.
- Net earnings decreased by about 95.5% to $17,000 ($17,275) from $C382,000 ($388,159).
- Sales of eyeglasses totaled $C10.1 million ($10.3 million), a 114.9% increase from about $C4.7 million ($4.8 million) in Q2 fiscal 2010.
- Total order volume went up about 33.7% to 513,603 orders from about 384,258 in Q2 of fiscal 2010.
- Repeat customers accounted for about 67% of total orders.
"Our investments in the eyeglasses category continue to generate rapid growth from new customers and a growing base of repeat orders from existing customers," says CEO Roger Hardy. "We are encouraged by Coastal's progress in the eyeglasses business in the quarter. We are well positioned to support continued growth in the upcoming quarters and to achieve our eyeglasses sales targets for fiscal 2011, as we position Coastal to lead this exciting channel.”
For the first two quarters:
- Total sales increased about 15.3% to $C84.4 million ($85.8 million) from $C73.2 million ($74.4 million) in the first two quarters of fiscal 2010.
- Net loss was $2.4 million (US$2.43 million) compared with net earnings of $1.1 million ($1.11 million) in the first two quarters of fiscal 2010.