Madison Reed has raised $32.1 million since launching 15 months ago.
The online-only retailer also doubled sales for eyewear in the past year.
Strength in its core contact lens business and a nice boost from its new line of eyeglasses helped to boost sales for Coastal Contacts in fiscal 2011.
For the fiscal 2011 year ended Oct. 31, Coastal Contacts, No. 117 in the Internet Retailer Top 500 reported:
- Total sales increased about 20.2% to $C184.1 million ($177 million) from $153.2 million ($147.2 million) in fiscal 2010.
- Total eyeglasses sales increased about 100% to $C40 million ($38.4 million) from $20 million ($19.2 million).
- Total contact lens sales increased about 8.1% to $C144.5 million ($138.9 million) from $133.7 million ($128.7 million) in fiscal 2010.
- Net loss of $C4.9 million ($4.7 million) compared with net income of $C3.1 million ($2.9 million).
- Total orders increased year over year about 38% to 2.2 million from 1.6 million.
- The number of active customers grew year over year 17.9% to 3.3 million from 2.8 million.
“We are very pleased with the progress Coastal has made throughout the year, as we executed on our strategy of investing to build the dominant brand in the large and growing online eyewear category,” says CEO Roger Hardy. “Coastal’s emerging eyeglasses business is driving top-line growth in multiple markets, increasing to $40 million, or 103%, over 2010, while the overall business grew 20% to $184 million.”
For the fourth quarter:
- Total sales increased about 23.7% to $C50.1 million ($48.3 million) from $40.5 million ($39 million) in Q4 of fiscal 2010.
- Total eyeglasses sales increased about 88.3% to $C11.3 million ($10.9 million) from $6 million ($5.8 million).
- Total contact lens sales increased about 12.5% to $C38.8 million ($37.4 million) from $34.5 million ($33.2 million).
- Net loss was $C1 million ($963,238) compared with net income of $C1.4 million ($1.3 million) in the prior year period.