Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Sales of contact lenses increased, but eyeglasses declined.
Coastal Contacts Inc., an online retailer of contact lenses and eyeglasses, had mixed sales results for the quarter.
For the third quarter ended July 31, Coastal Contacts, No. 110 in the Internet Retailer Top 500, reported:
- Total sales of $C50.3 million ($51.3 million), a 1.6% increase from $C49.5 million ($50.5 million) in the third quarter of 2011.
- Eyeglasses sales decreased 3.4% to $C11.5 million ($11.7 million) from $C11.9 million ($12.1 million).
- Contact lens sales of $C38.8 million ($39.6 million), up by 3.2% from $C37.6 million ($38.3 million).
- Net loss of $C$1.9 million ($1.9 million), compared with a loss of $C1.5 million ($1.5 million) in the prior year period.
- The number of active customers grew by about 27%, to approximately 4.1 million from about 3.3 million year over year.
“We continued to make significant progress in Coastal’s key strategic areas throughout the third quarter,” says Roger Hardy, CEO. “Our core contact lens business continued its stable and predictable growth, generating strong operating margins greater than 10% on a consolidated basis, which the company is using to fund growth in the large and attractive glasses category.”
For the first nine months, Coastal Contacts reported:
- Total sales of $C145.4 million ($148.3 million), up by 8.5% from $C134.0 million ($136.6 million) in the prior nine months.
- Net loss of $C2.3 million ($2.3 million) compared with a net loss of $C3.8 million ($3.9 million) through the first three quarters of 2011.