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Coastal Contacts Sets New Eyeglasses Orders Record Of $2.0 Million Last Week

Stocks in this article: COA

VANCOUVER, British Columbia, March 23, 2011 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. (TSX:COA) (Stockholm:COA), the worlds largest online retailer of eyeglasses and contact lenses announced today that the Company generated an eyeglasses orders record of approximately $2.0 million last week. Total units for the period were more than 28,000 pairs of eyeglasses.

"Coastal continues to experience growing consumer demand for our unique eyeglasses offering," stated Roger Hardy, Coastal Contacts, Founder and CEO. "We are seeing increasing demand from new customers as well as strong demand from repeat customers as we move into the seasonally stronger eyeglasses periods. Two trends stood out last week. First, that the average eyeglasses customer is ordering 1.4 pairs of eyeglasses as Coastal's product offering encourages customers to own more than one pair of eyeglasses. Secondly, that our team has the ability to design and create our own brands which are generating compelling sales inside this category. The top ten selling frames during the week were dominated by Coastal's exclusive brands including Derek Cardigan, Joseph Marc, Kam Dhillon and Ltede."

The Company reports that during the week the top ten selling frames were:

Derek Cardigan 7003 Black
Joseph Marc 4021 Green
Kam Dhillon 3017 Purple
Kam Dhillon 3014 Chocoholic
Kam Dhillon 3015 Twilight Semi-Rimless
Joseph Marc 3027 Black
Derek Cardigan 7004 Black
Ltede 1001
Kam Dhillon
Joseph Marc 4024 Gunmetal  

Orders is a non-GAAP measure defined as orders placed by customers in the time period referenced through our websites or our call centers. The nearest GAAP measure, sales, differs from orders in that sales reflect orders that have shipped, net of cancellations, returns and exchanges. Coastal is reporting orders as the Company believes that its investors may use this figure to make more informed investment decisions about the Company. Orders is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian GAAP, is therefore unlikely to be comparable to similar measures presented by other companies and should be considered in addition to, and not as a substitute for, sales and other measures of financial performance reported in accordance with Canadian GAAP.  

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