Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
But a profit eludes the e-retailer.
Contact lens and eyewear e-retailer Coastal Contacts Inc. ends its fiscal 2012 with mixed results.
For the fiscal 2012 year ended Oct. 31, Coastal Contacts, No. 110 in the Internet Retailer Top 500, reported:
- Total sales increased 7.3% to $C196.1 million ($198.4 million) from $182.7 million ($184.8 million) in fiscal 2011.
- Total eyeglasses sales increased about 23.1%to $C48 million ($48.6 million) from $39 million ($39.5 million).
- Total contact lens sales increased about 3.3 to $C148.2 million ($149.9 million) from $143.5 million ($145.2 million) in fiscal 2011.
- Net loss of $C5.4 million ($5.4 million) compared with a net loss of $C4.9 million ($5.0 million).
- Total orders increased year over year 4.5% to 2.3 million from 2.2 million.
- The number of active customers grew year over year 30.3% to 4.3 million from 3.3 million.
Coastal Contacts cited the sales growth in eyeglasses, which it started selling in 2009, as a highlight of the year. The company shipped about 1 million pairs of eyeglasses in 2012, which included a 100% year-over-year increase in shipments to U.S. consumers in the fourth quarter. “We believe the eyeglasses category holds significant potential for both rapid growth and earnings expansion as markets develop,” Coastal Contacts says.
For the fourth quarter:
- Total sales increased 4.1% to $C50.7 million ($51.3 million) from $48.7 million ($49.3 million) in Q4 of fiscal 2011.
- Total eyeglasses sales increased about 26.6% to $C13.8 million ($14.0 million) from $10.9 million ($11.0 million).
- Total contact lens sales decreased 5.2% to $C36.8 million ($37.2 million) from $38.8 million ($39.3 million).
- Net loss was $C2.6 million ($2.6 million) compared with a net loss of $C1.5 million ($1.5 million) in the prior year period.