Retailers shift their ad spending from TV, radio and print ads to digital ads.
But the online eyewear and contacts retailer also posted a net loss.
Sales rose but the net loss widened at online eyewear and contacts retailer Coastal Contacts Inc. in the third quarter.
For the third quarter of fiscal 2011 ended July 31, Coastal Contacts, No. 117 in the Internet Retailer Top 500 Guide, reported:
- Total sales increased about 25.6% to $C49.6 million ($50.1 million) from $C39.5 million ($39.9 million) in Q3 fiscal 2010.
- Net loss was $C1.5 million ($1.6 million) compared with net income of $C529,000 ($534,000) in Q3 fiscal 2010.
- Average order value was $79.40
- Repeat customers accounted for about 64% of total orders.
“During the quarter we focused on and delivered strong revenue growth and scaled customer deliveries,” says CEO Roger Hardy. “Eyeglasses revenue experienced strong growth again in the quarter with almost half of the sales coming from our private-label brands. “We have taken a number of steps in the quarter to extend our lead in this rapidly growing category, and we are seeing outstanding results.”
For the first three quarters:
- Total sales increased about 18.9% to $C134.0 million ($135.3 million) from $C112.7 million ($113.8 million) in the first three quarters of fiscal 2010.
Net loss was $C3.9 million ($4 million) compared with net income of $C1.7 million ($1.8 million) in the first three quarters of fiscal 2010.