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Coastal Reports Record Q3, 2012 Revenue Of $50.3 Million

Stocks in this article: COA

Improvements to our glasses offering on our North American sites under the "Real Style, Real Value" theme is enriching our customer experience and improving retention rates by offering greater selection and style.

We focused our investments on the core North American glasses market, where we anticipate building a leadership position.    We are taking a similar focused approach in Europe as we shift investments from multiple markets to those where Coastal has leadership positions.

Our investments in in-house manufacturing, inventory, processing systems and customer service are creating significant barriers that we believe result in a customer experience which will propel Coastal forward in the coming quarters.  

We closely monitor NPS (Net Promoter Scores) to gain metric driven feedback on how we are viewed by our customers.   We view NPS scores as one of the leading indicators of future sales and believe our industry leading customer experience will differentiate Coastal from our competitors."

Some highlights of the quarter:

  • Record third quarter sales of $50.3 million
  • Total order volume was approximately 584,000
  • Total glasses shipped was approximately 248,000 units
  • Glasses shipped into U.S. market increased 77% to 126,000 units, representing 51% of total glasses units shipped in the quarter
  • Total glasses sales in the quarter  were $11.5 million with gross profit margins of 48%
  • Total contact lens sales increased 3% to $38.8 million with gross profit margins of 41%
  • Coastal grew its base of vision corrected customers by 27% to approximately 4.1 million compared to 3.3 million, year over year
  • Coastal's in-house designer brands of eyewear comprised 70% of total glasses units shipped
  • Initiated investment in a second production line to manufacture free form progressive lenses in-house to address growing demand and market opportunity

Year to date highlights include:

  • Total pairs of glasses shipped were 706,000, an increase of 27 %
  • Overall revenues increased 8 % to $145 million
  • Glasses revenues grew 20 % to $34 million
  • Contact lens revenues grew 5 % to $111 million
  • Adjusted EBITDA was $1.8 million compared to $0.9 million

Mr. Hardy commented, "It's been an exciting year so far at Coastal as we shipped approximately 1.7 million orders during the first nine months of fiscal 2012. Our approach is becoming even more focused on specific markets which are attractive for a variety of strategic reasons. Our investments in building the industry's best customer experience is designed to cause our customers to advocate on our behalf, sharing our unbeatable combination of value, quality, selection and speed.

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