Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
But net loss balloons for the contact lens and eyeglasses retailer.
Coastal Contacts Inc., a Canada-based web-only retailer of contact lenses and eyeglasses, reported strong sales growth in the first quarter. Its net loss grew year over year as the retailer expanded its presence in the U.S.
For the first quarter of fiscal 2013 ended Jan. 31, Coastal, No. 110 in the Internet Retailer Top 500 Guide, reported:
- Sales of $C54.9 million ($53.5 million), a 17.3% year-over-year increase from $C46.8 million ($45.6 million) in the first quarter of 2012.
- Contact lens sales of $C41.0 million ($40.0 million), up by 12.0% from $C36.6million ($35.7 million).
- Eyeglasses sales of $C13.9 million ($13.5 million), a 35.0% increase from $C10.3 million) ($10.0 million).
- Net loss of $C3.4 million ($3.3 million) compared with a net loss of $C196,000 ($191,086) in Q1 2012.
- Orders totaled 601,167, up by 18.0% from about 509,500 in the same period last year.
“A year ago we launched a plan to accelerate growth in the United States and our plan is on track,” says Roger Hardy, founder and CEO of Coastal Contacts, which is known as Coastal.com in the U.S. “As expected, our financial results reflect the cost of these investments. We have experienced an increase in the number of returning glasses customers which reaffirms our overall strategy.”