VANCOUVER, British Columbia, Sept. 13, 2012 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal.com" or "Coastal" or "the Company") (TSX:COA) (Stockholm:COA) one of the largest online retailers of vision care products in the world, today announced its financial results for the third fiscal quarter ended July 31, 2012.
During the third quarter of fiscal 2012 Coastal Contacts generated record revenues of $50.3 million dollars.
Mr. Roger Hardy, Coastal's Founder and CEO, commented, "We continued to make significant progress in Coastal's key strategic areas throughout the third quarter.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. Contact lens revenues grew 3% during the third quarter and 5% for the first nine months of fiscal 2012. Our glasses category grew to $45.4 million in the twelve months ended July 31, 2012 compared to $34.3 million in the preceding twelve months, an increase of 32%. Our early stage online glasses business in the United States experienced a revenue increase of 71% while glasses units grew 77% during the third quarter, as a result of our strategy to drive customer adoption. We are encouraged by our growth and remain committed to building out the online eyewear segment in the U.S. Replicating the successful Canadian business model in this large and highly attractive market remains a key focus and we plan to continue investment spending in the coming quarters in order to further accelerate our growth and market penetration. Our glasses business in Canada showed average order size increases of 60% when compared with the same period in 2011, as a result of product and marketing investments designed to serve a growing return customer base in this now well established and profitable business.