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Wednesday, September 9, 2009 |
Coastal Contacts posts another strong quarter
It was another quarter of top-line growth for Canadian eyewear and web-based retailer Coastal Contacts Inc.
For the third quarter of fiscal 2009 ended July 31, Coastal Contacts reported:
- Sales in U.S. currency increased 14.9% to $34.8 million from $30.3 million.
- Sales in Canadian currency grew 14.7% to $37.5 million from $32.7 million. The difference in percentages between U.S. and Canadian dollars reflects fluctuations in year-over-year exchange rates.
- Net earnings in U.S. currency increased 185.9% to $560,000 from $195,900.
- Net earnings in Canadian currency increased 185.8% to $603,000 from $211,000.
- The retailer shipped 370,882 orders, an increase of 14.5% from 323,786 orders in the prior year.
“Coastal continued to deliver strong performance in the third fiscal quarter amidst a challenging retail environment. Excluding the impact of foreign exchange rate fluctuations, Coastal’s business grew by approximately 20% in the quarter,” says Roger Hardy, CEO of Coastal Contacts, No. 118 in the Internet Retailer Top 500 Guide. “The financial results reflect the way in which Coastal Contacts’ brands and compelling value proposition are resonating with consumers.”
For the first nine months of the 2009 fiscal year:
- Sales in U.S. currency grew 18.0% to $94.9 million from $80.4 million.
- Sales in Canadian currency increased 17.9% to $102.2 million from $86.7 million. The difference in percentages between U.S. and Canadian dollars reflects fluctuations in exchange rates.
- Coastal Contacts posted net earnings in U.S. dollars of $1.9 million compared from a net loss of $1.1 million in the prior year.
- Net earnings in Canadian dollars grew to $2 million from a net loss $1.1 million in the previous year.
In the second quarter Coastal Contacts acquired EyePassion Ltd., an international direct marketer of contact lenses.
Though terms of the deal weren’t disclosed, Coastal Contacts acquired all of the company’s assets and e-commerce sites. EyePassion offers contact lenses and related products across three dozen microsites. Each site features content written in the local language.
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